Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Lower Bollinger band (108.12) provides the major with solid support. Yesterday a bullish pin was formed from this level. It’s an explicit buy signal, therefore today we can concentrate on the search of local levels for going long reckoning on mid-term growth towards 109.43.

H4-chart:

Locally pair has downward phase, which can reach dynamic support 108.38 (lower Bollinger band). ADX indicator remains still, therefore main events will probably take place after the weekend.

On hourly chart we can note one more support at 108.53 (lower Bollinger band). Thus forecast for the day is flat in the 108.53-108.70 range. But we need to remember that such flat is a part of preparation for further mid-term growth.

Expectations:

Flat in the 108.53-108.70 range.

Trading recommendations:

Longs from 108.53.