Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

The major is forming a potential bearish inside bar in the first part of today’s trading session. Traders will get a solid sell signal in direction of the middle Bollinger band (110.00) if the day is closed in that manner. This event is highly likely as the currency pair is extremely overbought.

H4-chart:

Active downward technical correction is directed to 111.00 (middle Bollinger band) at this moment.

H1-chart:

We note the presence of mighty divergence that drives to development of corrective downward wave. But the major scarcely will slide below 111.00 today after such a strong growth. 

Expectations:

Decline to 111.00.

Trading recommendations:

Shorts to 111.00.

 

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