Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

The major retained upward structure having rebounded from support level 108.151 (lower Bollinger band). So far growth is confined by stiff resistance at the area of middle Bollinger band (108.814). However we’ll get a strong signal for further growth next week in case the day is closed in the shape of inside bar.

H4-chart:

Local structure is trending down after break of lower Bollinger band. We can expect further move of the quotes in direction 108.319 and 107.900.

H1-chart:

On hourly chart downward wave is triggered already. We expect testing of local support at 108.294 (lower Bollinger band) and following reaction to it. If it’s broken decline might be boosted (watch the black arrow).

Expectations:

Main scenario: Decline towards 107.900.

Alternative scenario: Upward bounce off 108.294.

Trading recommendations:

Shorts towards 107.900.

 

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