Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

The major extends moderate growth in direction of upper Bollinger band (109.45). It goes slowly, but steadily.

H4-chart:

We need to acknowledge the presence of a cap at 109.28-109.40, which leaves minor chances for bulls to overcome it. Thus here we can consider going short in direction 108.82-108.90 (middle Bollinger band).

H1-chart:

Strong trending ADX suggests consistency of bullish potential in direction 109.28-109.40. In case of pullback to support 109.90-109.00 we can open long-trades. 

 

Expectations:

Growth in direction 109.28-109.40 and following downward reversal.

Trading recommendations:

  1. Longs to 109.28-109.40.

  2. Shorts from 109.28-109.40.

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