Technical analytics

USDJPY market technical outlook

USDJPY
Daily chart:

Corrective downswing is in progress. It looks like we’ll see testing of support level 108.25, which creates problems to bears starting October. Given that market is in an uptrend we can confidently assume an upward bounce off this zone.

H1-chart:

Local downward structure undergoes trending phase, therefore the major shortly will reach new lows, that also speaks for scenario of decline towards 108.25.

Conclusions:

Decline towards 108.25.

Trading recommendations:

  1. Shorts towards 108.25.

  2. Seeking for probable buy signals at 108.25.

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