Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Upper Bollinger band being an important target level for upward tendency resides at 109.601 mark. Correspondingly, trading tactics should be longs with count on further growth to this region.

H4-chart:

We note strong dynamic support at 108.750 (middle Bollinger band), where buyers can regain control as earlier upper Bollinger band was broken and it’s a solid signal for continuation of the main tendency.

H1-chart:

Intensive intraday downward correction is testing support zone 108.750-108.858 at this moment. Any long-signals formed at this area will have a high probability for execution.

Expectations:

We expect testing of 108.750-108.858 and then new upward momentum in direction 109.61 (the target most likely will be beyond one day).

Trading recommendations:

Longs from 108.750-108.858 to 109.61.

 

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