Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Tendency for downward correction in direction of middle Bollinger band (107.972) preserves. ADX has flat readings, therefore so far we shouldn’t expect the pair lower.

H4-chart:

Locally contraction of the range between mid-term upward trend line and dynamic resistance 108.514 (middle Bollinger band) is in progress. It’s enough room in this channel so far, therefore we don’t rule out that the major will continue to accumulate potential in a tight range for following downward break and further decline. 

H1-chart:

Intraday dynamics also corresponds to scenario of consolidation of the market between support zone 108.274-108.305 and resistance zone 108.450-108.514.

Expectations:

Flat in the 108.274-108.514.

Trading recommendations:

Short-term trades to both sides inside the 108.274-108514 channel.

 

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