Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

There are almost no doubts in further growth of the major in direction of upper Bollinger band (109.43), however this tendency might become extended in time as ADX indicator drops amid growth of the quotes.

H4-chart:

Local upper Bollinger band is broken delivering a signal of main tendency continuation. Given that ADX didn’t reach trending zone yet, there is a probability of prior pullback of the price to the downside towards middle Bollinger band (108.62-108.72), where we have the most optimal buy entry area.

Targets of growth are 109.07 and 109.31. 

H1-chart:

We confirm a stiff pivot at 108.72, which might be a certain magnet for a price. Thus trading tactics for today is longs from 108.72 to 109.07 and 109.31.

Expectations:

Decline to 108.72 and then continuation of growth in direction 109.07 and 109.31.

Trading recommendations:

Longs from 108.72 to 109.07 and 109.31.