Daily chart: The USDJPY pair continues to fall and is now trying to break the support at the 94.53 level. If this pair comes to consolidate below this support, it would be expected to fall to the level of 92.84. On the other hand, we can not rule out a possible bullish rebound over current levels. If USDJPY gets to do this rebound, it is expected to rise again to the resistance at the 96.38 level. We should note that this pair is gradually approaching the 200-day moving average, which could change the trend in the long term, so the falls could continue during the course of this week. The MACD indicator remains in negative territory but is in extreme oversold, so we could see the formation of a higher low pattern over the coming sessions.
H4 chart: USDJPY is forming a higher low pattern above the support at the level of 94.08. If USDJPY breaks this level, it is expected to drop to the next support level at 92.56. If the pair manages to make a bullish rebound on current levels, it would be expected not to exceed the resistance at the 95.81 level. In this chart, USDJPY stays below the 200-day moving average and the MACD indicator continues in a slight positive territory, approaching the neutral territory, so we must be careful with this pair, because they do not have a defined in this chart tendency.
H1 chart: Currently, this pair is forming a Point of Control (POC) near the 94.33 level. Anyway, the USDJPY pair is within a range between 94.77 and 93.89. If USDJPY breaks the resistance level at 94.77, it is expected to rise to the level of 95.21. Furthermore, if USDJPY breaks the support level of 93.89, it is expected to drop to the level of 93.14. For now, it is most likely that this pair breaks that support and falls to the level of 93.14, because the indicators show a clear bearish outlook in the short term. But t he MACD indicator is still in negative territory indicating that the bearish trend of the moment is a little weak, but this is not entirely definitive.
Fundamental Outlook: For today’s session, there will be no economic data releases having considerable impact on the USD/JPY pair, but we must be attentive to what happens on the first day of the G8 meetings.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD/JPY pair breaks with a bearish candlestick, the support level is at 93.89, take profit is at 93.14, and stop loss is at 94.67. Place buy (long) orders only if the USD/JPY pair breaks with a bullish candlestick, the resistance level is at 94.77, take profit is at 95.21, and stop loss is at 94.33.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDJPY pair continues to fall and is now trying to break the support at the 94.53 level. If this pair comes to consolidate below this support, it would be expected to fall to the level of 92.84. On the other hand, we can not rule out a possible bullish rebound over current levels. If USDJPY gets to do this rebound, it is expected to rise again to the resistance at the 96.38 level. We should note that this pair is gradually approaching the 200-day moving average, which could change the trend in the long term, so the falls could continue during the course of this week. The MACD indicator remains in negative territory but is in extreme oversold, so we could see the formation of a higher low pattern over the coming sessions.
H4 chart: USDJPY is forming a higher low pattern above the support at the level of 94.08. If USDJPY breaks this level, it is expected to drop to the next support level at 92.56. If the pair manages to make a bullish rebound on current levels, it would be expected not to exceed the resistance at the 95.81 level. In this chart, USDJPY stays below the 200-day moving average and the MACD indicator continues in a slight positive territory, approaching the neutral territory, so we must be careful with this pair, because they do not have a defined in this chart tendency.
H1 chart: Currently, this pair is forming a Point of Control (POC) near the 94.33 level. Anyway, the USDJPY pair is within a range between 94.77 and 93.89. If USDJPY breaks the resistance level at 94.77, it is expected to rise to the level of 95.21. Furthermore, if USDJPY breaks the support level of 93.89, it is expected to drop to the level of 93.14. For now, it is most likely that this pair breaks that support and falls to the level of 93.14, because the indicators show a clear bearish outlook in the short term. But t he MACD indicator is still in negative territory indicating that the bearish trend of the moment is a little weak, but this is not entirely definitive.
Fundamental Outlook: For today’s session, there will be no economic data releases having considerable impact on the USD/JPY pair, but we must be attentive to what happens on the first day of the G8 meetings.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD/JPY pair breaks with a bearish candlestick, the support level is at 93.89, take profit is at 93.14, and stop loss is at 94.67. Place buy (long) orders only if the USD/JPY pair breaks with a bullish candlestick, the resistance level is at 94.77, take profit is at 95.21, and stop loss is at 94.33.
The material has been provided by InstaForex Company – www.instaforex.com
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