Technical analytics

USDJPY market technical outlook


Daily chart:

We note another shift of upper Bollinger band to the upside. Now this dynamic resistance level resides at 110.583 being an actual target of buyers. 


Local correction of ADX indicator may point to a flat mode of the market. Correspondingly the trading range might be confined within upper Bollinger bands (110.047-110.318).


Extremely low ADX activity is observed on hourly chart as well, therefore flat forecast for today is the major option. Resistance comes in at upper Bollinger band (110.212). 


Main scenario: Flat in the 110.047-110.212 range.

Alternative scenario: Growth to 110.583.

Trading recommendations:

Longs from 110.047 to 110.212 and 110.583.