Technical analytics

USDJPY market technical outlook


Daily chart:

Upswing is in progress showing no signs of dampening and having no serious resistances all the way to 109.33 level.


Upward structure undergoes trending phase. If we don’t get something extraordinary (and news background is minor today) then a slight correction can be triggered from the round level 108.00 due to profit booking and after that growth in direction 109.33 will be continued. 


Main scenario: Growth towards 108.00, then pullback to 107.70-107.80 and afterwards growth in direction 109.33 will be resumed (in medium-term).

Alternative scenario: Break of resistance 108.00 and further growth in direction 108.50 and 109.00.

Trading recommendations:

Longs during pullback to the 107.70-107.80 zone with targets 108.50, 109.00. 109.33.


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