Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Market so far is unable to push off the middle Bollinger band (109.387) every time showing faltering in an upward phase. Yesterday a bearish pinbar was received promising a pullback to 109.387 again.

H4-chart:

Strong dynamic support at 108.387 can be well seen on this time-frame as well. It’s a very perspective area for long-trades.


H1-chart:

Weak potential of ADX suggests limited prospects of decline. We expect testing of 108.387 and following upward bounce in direction of middle Bollinger band (108.798).

 

Expectations:

Decline to 108.387 and then growth towards 108.798.

Trading recommendations:

  1. Shorts towards 108.387.

  2. Longs from 108.387 to 108.798.

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