Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Currency pair continues to be traded in the middle of upper Bollinger bands in the 109.650-110.10 channel. There are no visual signs of this tendency ending. We can anticipate maintaining of flat market.

H4-chart:

We note wider borders inside Bollinger bands (109.776-110.286). ADX readings drop confirming further flat forecast.

H1-chart:

Intraday downward phase of the movement may reach support 109.776 (lower Bollinger band). Such decline almost has no obstacles as structure keeps bearish tone and upper Bollinger band wasn’t broken.

 

Expectations:

Decline to 109.776 and then upward bounce.

Trading recommendations:

  1. Shorts to 109.776.

  2. Longs from 109.776.

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