USDJPY Technical Analysis: Wait for buying
Shangai Composite Index opened in a negative note and had a negative influence on JPY. There are no macroeconomic figures scheduled in Japan for the upcoming Asian session, but the conflict in Syria and the missile attack from occidental allies will likely result in some demand for the safe-haven yen at the weekly opening.
It looks like USDJPY could be bottoming out we need to see Daily Closings above 107.900 to talk about a midterm trend reversal.
On the H4 Chart, the pair is trading above EMA 50 and 100. However, 107.900 remains as a strong resistance. Midterm bearish pressure will continue as long as the price holds below 107.900.
Price is testing the median line of BB Bands. If the price moves into lower Bollinger Bands, it is likely to test 106.650. Daily ATR is showing us that the trading range is 75 pips.
On the downside :107.220, 107.030 106.830 and 106.640 – 107.030 is important and break below will carry the price 106.640 –
On the upside: 107.420 107.610 and 107.800
Smaller chart timeframes confirms a bearish price action.
We will publish our trading idea for premium members after London’s opening.
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
COPY OUR TRADES
USDJPY Technical Analysis: Forex Trading involves risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.