Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

As it was anticipated market has reversed to the downside from resistance zone 111.75-112.33. We expect testing of the pivot-levels 109.51 and 107.74.

H4-chart:

Locally we observe moderate growth of ADX indicator, that can detain the quotes at the area of lower Bollinger band (109.95). However this support doesn’t look too reliable, therefore a drop in direction 107.74 can be initiated at any moment.

H1-chart:

On hourly chart we note the presence of ADX indicator trending pressure in favor of bearish scenario extension. Thus a break of support 109.95 is highly likely. 

 

Expectations:

So, we expect a break of support 109.95 and continuation of decline in direction 107.74.

Trading recommendations:

Shorts to 107.74.