Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Downward correction develops in direction of dynamic support 107.17 (middle Bollinger band), which guards the pair from fall to the lower bands, that would open space for drop to the 105.52 level (watch the red arrow). Thus bulls can regain control at 107.17, who might want to guard upward structure of the market (black scenario).

H4-chart:

Trending bearish ADX almost for sure speaks in favor of further drop of the quotes towards 107.17 first and then lower, to the 106th figure. 

H1-chart:

On hourly chart we can get trading in the range of lower Bollinger band (107.50-107.75) and afterwards scenario of further decline will be triggered.

Expectations:

Decline towards 107.17 and 106.50. Prior to this we might see trading in the 107.50-107.75 range.

Trading recommendations:

Shorts towards 107.17 and 106.50. Optimal entry point is 107.75.

 

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