USDJPY Technical Analysis: Wait for buying

USDJPY Technical Analysis: Wait for buying

Published 04-16-2018

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.

Intraday  Levels:

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

                                                   

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