Technical analytics

USDJPY market technical outlook

USDJPY

 Daily chart:

The major already resides in upper Bollinger bands, that opens mid-term room for further growth in direction 108.53 (upper Bollinger band). However ADX dynamics corresponds to flat mode of the market, therefore we can expect a slide to the 107.43-107.66 area.

H4-chart:

Potential sell signal was formed from dynamic resistance 108.13 (upper Bollinger band) - bearish inside-bar. The closest target for bears appears support 107.47.

H1-chart:

Upward movement looks quite exhausted speaking for downward reversal. The range which keeps prospects for growth is 107.83-108.13 (Bollinger bands). In case of move beyond mentioned boundaries a decline scenario will be triggered in direction 107.47.

О

Expectations:

Main scenario: Flat in the 107.83-108.13 range.

Alternative scenario: Decline towards 107.47.

Trading recommendations:

Shorts from 108.13 to 107.47.