Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

The major faced a strong support at 107.69 (middle Bollinger band), from where we might get recovery of positions to 109.45. It’s obvious that support 107.69 is very important for bulls as its loss will drive to drop of the market to lower Bollinger bands with the prospect to reach 103.00 ( more than 400 points of movement!).

H4-chart:

We note a perspective local offer area 109.45 (middle Bollinger band), where we can get active sell-offs in direction of the lower band.

H1-chart:

Intraday levels of support/resistance are 107.11/108.62. The price scarcely will grow above 108.62.

 

Expectations:

Main scenario: Downward reversal from 108.62 in direction 107.11.

Alternative scenario: Growth to 109.45 and then downward reversal.

Trading recommendations:

Shorts from 108.62 and 109.45 to 107.11.

 

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