Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Upward correction is supposedly completed: yesterday a bearish inside bar was formed at the tip of corrective upswing being a very solid short-trigger.

Thus we can get decline of the quotes from current levels in direction 106.00, where the latest low of the structure resides.

H1-chart:

Within local structure development of downswing is in progress, which has quite a big amplitude. Market apparently will be in need of an intermediate upswing, which can be followed by the main phase of downward reversal of the trend.

Optimal sell entry point is PPZ 107.40-107.51 and the closest target of sellers is support zone 106.22-106.29.

 

Conclusions:

So, we expect decline of the quotes in direction 106.22-106.29. Prior pullback to 107.40-107.51 may take place.

Trading recommendations:

Shorts to 106.22-106.29. Optimal entry zone is 104.40-107.51.

 

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