Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart: 

The major is being traded long inside upper Bollinger bands (108.81-109.50).

H4-chart:

Local upward wave is aimed at resistance 109.50 (upper Bollinger band). We see, that ADX indicator is quite far away from trending zone, therefore we can expect a downward bounce off 109.50. 

H1-chart:

Upper Bollinger band is broken, therefore testing of 109.50 is very likely. We expect touch of this level and then new downward pullback to 109.29 and 109.11.

Expectations:

Growth to 109.50 and following reversal to 109.11.

Trading recommendations:

  1. Longs to 109.50.

  2. Shorts from 109.50 to 109.11.

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