Daily chart: The USD/JPY opened the week with a small GAP and it stays above support at 100.94 level. The next target for this pair bullish the resistance at the level of 102.12. If the USD/JPY manages to break that resistance, it would be expected to rise to the level of 103.20. But keep in mind that it is quite possible that this pair performs movements in low range to form a lower high pattern. Furthermore, if the USD/JPY falls again and breaks the support at the level of 100.94, it is expected to drop to the level of 99.81. The MACD indicator remains in a positive territory, although showing some signs of weakness in the current bullish trend.
H4 chart: This pair is trying to break the resistance at 101.30 level. If the USD/JPY manages to consolidate above this resistance, it is expected to rise to the level of 102.38. On the other hand, it is very possible that this pair can make a bearish rebound at current levels and fall back to the support at 100.74 level. If the pair manages to break this support, it is expected to fall to the level of 99.93. The MACD indicator remains in a positive territory.
H1 chart: In this chart, the USD/JPY is trying to consolidate above resistance at 101.32 level, which is forming a Point of Control (POC). It is very possible that this pair can rise to the next resistance at 101.94 level. On the other hand, if the USD/JPY fails to make a bearish rebound at current levels, it is seen to fall to support at 100.79 level. The MACD indicator remains in a positive territory but it is in extreme overbought levels and showing a lot of weakness in the current bullish trend, so it is very likely that the USD/JPY begins to form a lower high pattern.
Fundamental outlook: For today’s session, we do not expect economic events that may have high impact on the USD/JPY pair.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD/JPY pair breaks with a bullish candlestick, the resistance level is at 101.30, take profit is at 102.38, and stop loss is at 100.18.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USD/JPY opened the week with a small GAP and it stays above support at 100.94 level. The next target for this pair bullish the resistance at the level of 102.12. If the USD/JPY manages to break that resistance, it would be expected to rise to the level of 103.20. But keep in mind that it is quite possible that this pair performs movements in low range to form a lower high pattern. Furthermore, if the USD/JPY falls again and breaks the support at the level of 100.94, it is expected to drop to the level of 99.81. The MACD indicator remains in a positive territory, although showing some signs of weakness in the current bullish trend.
H4 chart: This pair is trying to break the resistance at 101.30 level. If the USD/JPY manages to consolidate above this resistance, it is expected to rise to the level of 102.38. On the other hand, it is very possible that this pair can make a bearish rebound at current levels and fall back to the support at 100.74 level. If the pair manages to break this support, it is expected to fall to the level of 99.93. The MACD indicator remains in a positive territory.
H1 chart: In this chart, the USD/JPY is trying to consolidate above resistance at 101.32 level, which is forming a Point of Control (POC). It is very possible that this pair can rise to the next resistance at 101.94 level. On the other hand, if the USD/JPY fails to make a bearish rebound at current levels, it is seen to fall to support at 100.79 level. The MACD indicator remains in a positive territory but it is in extreme overbought levels and showing a lot of weakness in the current bullish trend, so it is very likely that the USD/JPY begins to form a lower high pattern.
Fundamental outlook: For today’s session, we do not expect economic events that may have high impact on the USD/JPY pair.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD/JPY pair breaks with a bullish candlestick, the resistance level is at 101.30, take profit is at 102.38, and stop loss is at 100.18.
The material has been provided by InstaForex Company – www.instaforex.com
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