USD/JPY

USD/JPY: technical analysis

USD/JPY, D1. On the daily chart, the pair is trading in the lower Bollinger band. The price remains above the EMA65, EMA130 and SMA200 that are directed up. The RSI is approaching its strong support region. The Composite is about to test its strong support as well.

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USD/JPY, H4

On the 4-hour chart, the pair is trading on the lower line of the Bollinger Bands. The price remains below its moving averages that start turning down. The RSI is trying to leave the oversold zone. The Composite begins forming a Bullish divergence with the price.

 

Key levels

Support levels: 112.60 (local lows), 111.90 (local lows), 111.40 (October lows).

Resistance levels: 112.90 (local highs), 113.40 (local highs), 113.60 (local highs).

Trading tips

There is a chance of an upward correction, while a breakdown of local lows near 112.60 would allow the fall to continue.

Long positions can be opened from the level of 113.00 with targets at 113.40, 113.60 and stop-loss at 112.75. Validity – 3-5 days.

Short positions can be opened from the level of 112.60 with targets at 111.90, 111.40 and stop-loss at 112.90. Validity – 3-5 days.

 

Scenario

Timeframe Weekly
Recommendation BUY STOP
Entry Point 113.00
Take Profit 113.40, 113.60
Stop Loss 112.75
Key Levels 111.40, 111.90, 112.60, 112.90, 113.40, 113.60

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 112.60
Take Profit 111.90, 111.40
Stop Loss 112.90
Key Levels 111.40, 111.90, 112.60, 112.90, 113.40, 113.60

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