Technical analytics

USDJPY market technical outlook


Daily chart:

The major is testing strong pivot-zone 109.70-110.06 and upward reversal from this zone is very likely! Besides, previous day was closed by bullish inside bar, therefore today we have all chances to see a false downward break with closing above 110.14..


Local downward wave suggests high likelihood of testing mid-term support 109.70, where we can expect a steep upward reversal in direction 110.54 (middle Bollinger band).


Local intraday support also can be met by the pair at 109.89. We can quite regard it and 109.70 the same zone. 



So, we expect decline to 109.70-109.89 and then growth to 110.54.

Trading recommendations:

Longs from 109.70-109.89 to 110.54.