Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

As it was supposed a downward reversal of the trend from 109.026 level (upper Bollinger band) is in progress allowing to consider short-trades from current levels in direction of middle Bollinger band (107.811).

H4-chart:

Locally the major is being traded in the middle of Bollinger bands range (108.346-108.940) making search of the trades complicated as there is an equal probability of decline continuation or one more upward pullback towards 108.940.

H1-chart:

Intraday market dynamics remains flat. Trading range probably will be limited by the scope of Bollinger bands (108.503-108.710).

 

Expectations:

Flat in the 108.503-108.710 range.

Trading recommendations:

  1. Short-term trades in the 108.503-108.710 range.

  2. Mid-term shorts from 108.710.