Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

The major so far keeps negative dynamics, however potential of decline is apparently limited by lower Bollinger band (108.06). We can expect an upward bounce off it.

H4-chart:

Two local supports at 108.38 and 108.06, each of them can provoke an upward reversal. 

H1-chart:

On hourly chart we observe bracketing of the price inside a tight triangle range 108.40-108.55. Once market breaks this accumulation we’ll see a short-term splash of volatility.

Expectations:

Decline to 108.06 and following upward bounce.

Trading recommendations:

  1. Shorts to 108.06.

  2. Longs from 108.06.

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