Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

A very strong short-setup is potentially being formed at the tip of upswing - bearish inside-bar. Lower high and strong resistance 109.22 are additional arguments for downward reversal of the market.

This situation is very perspective. The closest target is stiff pivot 108.25-108.48, but mid-term targets apparently will be bolder.

H1-chart:

Local structure undergoes the stage of corrective downswing building, which can stop at PPZ 108.65 allowing the major to retrace to 108.92. Though, all this will be a part of inside-bar forming on a daily chart.

Conclusions:

Flat in the 108.65-108.92 range and forming of bearish inside-bar by the end of the day.

Trading recommendations:

Shorts from 108.92.

 

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