Daily chart: The USDJPY pair broke the resistance at the 98.25 level, but we can see that it is trying to be returned. The bearish trend in this pair is still alive, while USDJPY fails to break through resistance at the 99.81 level. If the pair manages to break that level, it is expected to rise to resistance at 100.94 level. On the other hand, if the USDJPY pair manages to make a bearish rebound in the current price level, it would be expected to fall back to the support at the 96.38 level to form a higher low pattern. We should note that the resistance in the 99.81 level is very strong, so we must be very careful when placing orders near this level. The MACD indicator remains in negative territory but is approaching oversold levels.
H4 chart: The USDJPY pair was able to form a fractal above resistance at the 99.05 level and below the 200-day moving average, which is making this pair dynamic resistance. This resistance is very strong, because of how close it is to the SMA 200, so possibly, the USDJPY pair could do a bearish rebound at this level and fall to support level at 97.00 in the medium term. On the other hand, if USDJPY manages to break the resistance at the level of 99.93, it is expected to rise to the level of 100.50, where there is also a bullish trend line. The MACD indicator is in positive territory, but it is showing weakness in the current bullish trend.
H1 chart: At the current price of USDJPY, it is forming a strong Point of Control (POC), with strong resistance on this pair, along with the 200-day moving average, which is below the resistance at the 99.42 level. If the USDJPY manages to break the support level at 98.38, it is expected to drop to the level of 97.64. On the other hand, if USDJPY manages to break the resistance level at 99.42, it would be expected to rise to the level of 99.87. We should note that USDJPY has not completely covered the GAP left in the opening week of the market, near the present level of support at 97.64. The MACD indicator is in negative territory.
Fundamental Outlook: For today’s session, we must be aware of the BOJ Press Conference, due the current monetary policy in Japan will be discussed and as usual this can cause high volatility in the USDJPY pair, so it would not be strange seeing bullish movements in this pair, if the conference is pessimistic about the current Japanese economy.
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 99.42, take profit is at 99.87, and stop loss is at 98.94. Place sell (short) orders only if the USD/JPY pair breaks with a bearish candlestick, the support level is at 98.38, take profit is at 97.64, and stop loss is at 99.12.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDJPY pair broke the resistance at the 98.25 level, but we can see that it is trying to be returned. The bearish trend in this pair is still alive, while USDJPY fails to break through resistance at the 99.81 level. If the pair manages to break that level, it is expected to rise to resistance at 100.94 level. On the other hand, if the USDJPY pair manages to make a bearish rebound in the current price level, it would be expected to fall back to the support at the 96.38 level to form a higher low pattern. We should note that the resistance in the 99.81 level is very strong, so we must be very careful when placing orders near this level. The MACD indicator remains in negative territory but is approaching oversold levels.
H4 chart: The USDJPY pair was able to form a fractal above resistance at the 99.05 level and below the 200-day moving average, which is making this pair dynamic resistance. This resistance is very strong, because of how close it is to the SMA 200, so possibly, the USDJPY pair could do a bearish rebound at this level and fall to support level at 97.00 in the medium term. On the other hand, if USDJPY manages to break the resistance at the level of 99.93, it is expected to rise to the level of 100.50, where there is also a bullish trend line. The MACD indicator is in positive territory, but it is showing weakness in the current bullish trend.
H1 chart: At the current price of USDJPY, it is forming a strong Point of Control (POC), with strong resistance on this pair, along with the 200-day moving average, which is below the resistance at the 99.42 level. If the USDJPY manages to break the support level at 98.38, it is expected to drop to the level of 97.64. On the other hand, if USDJPY manages to break the resistance level at 99.42, it would be expected to rise to the level of 99.87. We should note that USDJPY has not completely covered the GAP left in the opening week of the market, near the present level of support at 97.64. The MACD indicator is in negative territory.
Fundamental Outlook: For today’s session, we must be aware of the BOJ Press Conference, due the current monetary policy in Japan will be discussed and as usual this can cause high volatility in the USDJPY pair, so it would not be strange seeing bullish movements in this pair, if the conference is pessimistic about the current Japanese economy.
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 99.42, take profit is at 99.87, and stop loss is at 98.94. Place sell (short) orders only if the USD/JPY pair breaks with a bearish candlestick, the support level is at 98.38, take profit is at 97.64, and stop loss is at 99.12.
The material has been provided by InstaForex Company – www.instaforex.com
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