Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

The major keeps tendency for decline in direction of support 108.068 (lower Bollinger band). We can’t rule out a prior testing of broken pivot-zone 109.153-109.329. 

H4-chart:

Local readings of ADX so far correspond to an opportunity of trending movement to the downside, that is being enhanced by a signal from Bollinger bands, where lower band was broken. Thus new downward wave can be launched directly from current levels as well as after pullback toward middle Bollinger band (109.329-109.532 zone).

H1-chart:

Bearish momentum of the market is in place suggesting readiness of sellers for attack of dynamic support 108.783 (lower Bollinger band). ADX stands beyond trend zone here, therefore serious levels of decline probably would be available tomorrow.

 

Expectations:

Decline to 108.783 and perhaps to 108.500.

Trading recommendations:

Shorts to 108.783 and 108.500.

 

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