Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Bulls are unable to overcome resistance zone 108.57-109.12 so far, though we can observer strong trending pressure on the chart of ADX, that as a rule is inherent to potential break.

However while this area is actually unbroken there still will be a probability of correction development towards middle Bollinger band (106.83).

H4-chart:

We note local key resistance at upper Bollinger band 108.35. ADX indicator didn’t gain trending power yet, therefore quotes will have the room for retracement to the 107.68 region until this level is unbroken (watch the black arrow). 

H1-chart:

Intraday dynamic support is 108.91 (lower Bollinger band), where traders might buy out the pair quite actively today.

 

Expectations:

Main scenario: Decline towards 107.91 with upward bounce to the 108.30-108.35 region.

Alternative scenario: Break above 108.35 and then further growth in direction 109.00.

Trading recommendations:

Longs from 107.91 to 108.35 and 109.00.

 

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