Technical analytics

USDJPY market technical outlook

USDJPY

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..

H4-chart:

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).

H1-chart:

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

 

Expectations:

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.