Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Bulls are tending to break more and more new highs, but so far they have some problems near the stiff pivot-zone 107.52-107.91. Nevertheless buyers’ target at 109.12 is still actual as ADX indicator resides in a very strong area!

H4-chart:

Local dynamic support stands at the 107.52 mark (middle Bollinger band). Downward technical correction is supposedly directed to this region.

H1-chart:

The major will test middle Bollinger band (107.90) shortly, from where a new upward movement will be highly likely. In case of break of this support the quotes will slide to the 107.52-017.64 region.

Expectations:

Main scenario: Touch of 107.90 and then growth in direction 108.40-108.50.

Alternative scenario: Decline to the 107.52-107.64 region.

Trading recommendations:

Seeking for local buy signals at 107.90 and 107.52-107.64.

 

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