Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Corrective upswing approaches to its logical completion: mid-term trend will remain downward, therefore we can expect a reversal to a new trending swing at the area of PPZ 108.812-109.160.

H1-chart:

Local structure doesn’t have a direct trigger for downward reversal so far, but a steady upward tone is absent as well. It’s most likely that we’ll see a testing of the support zone 108.331-108.373, from where the market will retrace to the upside towards the 108.554-108.610 zone. It’s the place where we can consider mid-term short-trades.

Conclusions:

Decline towards 108.331-108.373, then pullback towards 108.554-108.610 and following downward move in direction 107.500.

Trading recommendations:

Shorts from the 108.554-108.610 zone towards 107.500.

 

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