Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Market keeps bullish pressure in direction of resistance zone 108.70-109.12. ADX readings are sufficient for break above this zone, but considering situation within one day this target is the most likely.

H4-chart:

Locally 108.37 level (upper Bollinger band) is still a very stiff resistance and downward correction may run from this level towards 107.76, from where in turn we can open long-positions again.  

H1-chart:

Horizontal potential accumulation channel inside Bollinger bands (108.80-108.37). Further growth can be considered in case of break of upper wall of this range, that is real as ADX resides in a strong trending area.

Expectations:

Main scenario: Growth to 108.70-109.12.

Alternative scenario: Continuation of flat in the 108.08-108.37 range.

Trading recommendations:

Longs from 108.08 to 108.37, 108.70, 109.12.

 

New articles