Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Growth of the quotes speeds up, therefore we can expect further upward movement of the market in direction of the resistance level 109.12.

H4-chart:

We also note a very strong trending ADX in favor of further bullish movement. 

H1-chart:

Intraday resistance is at the area of upper Bollinger band (107.92). Tangible overbought conditions can block the move to this area without correction. Thus we might have an opportunity to open long-positions with better price at 107.58.

Expectations:

Main scenario: Growth towards 108.00, then decline in direction 107.58 and afterwards growth will be resumed in direction 109.12 (in medium-term).

Alternative scenario: Break above 108.00 and settling at the 108th figure. Actual target of growth is 109.12.

Trading recommendations:

Longs from 107.58 to 108.00 and 109.12. 

 

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