USD/JPY: technical analysis
21 January 2019, 10:46
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 109.63 |
| Take Profit | 110.70 |
| Stop Loss | 109.20 |
| Key Levels | 106.71, 107.76, 108.41, 109.18, 109.90, 110.77, 111.39, 112.18 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 109.00 |
| Take Profit | 108.41 |
| Stop Loss | 109.30 |
| Key Levels | 106.71, 107.76, 108.41, 109.18, 109.90, 110.77, 111.39, 112.18 |
USD/JPY, D1
On the daily chart, the instrument has been corrected to the middle line of Bollinger bands, the price range is narrowed. MACD histogram is in the negative area, keeping the signal for opening short positions, the signal line is reversing upwards. Stochastic crosses the overbought zone upwards, forming a signal to open sell positions.
USD/JPY, H4
On the 4-hour chart, the instrument is moving within a narrow sideways channel formed by the upper border and the middle line of Bollinger bands, the uptrend is still relevant. MACD histogram is in the positive area, the signal line crosses the body of the histogram upwards, forming a signal to open long positions. Stochastic is in the neutral zone, the lines of the oscillator are directed downwards.
Key levels
Resistance levels: 109.90, 110.77, 111.39, 112.18.
Support levels: 109.18, 108.41, 107.76, 106.71.
Trading tips
In the short term, it is better to open long positions from the current level with the target at 110.70 and stop loss 109.20.
Short positions can be opened from the level of 109.00 with the target at 108.41. Stop loss is 109.30.
Implementation period: 1–3 days.
On the daily chart, the instrument has been corrected to the middle line of Bollinger bands, the price range is narrowed. MACD histogram is in the negative area, keeping the signal for opening short positions, the signal line is reversing upwards. Stochastic crosses the overbought zone upwards, forming a signal to open sell positions.
USD/JPY, H4
On the 4-hour chart, the instrument is moving within a narrow sideways channel formed by the upper border and the middle line of Bollinger bands, the uptrend is still relevant. MACD histogram is in the positive area, the signal line crosses the body of the histogram upwards, forming a signal to open long positions. Stochastic is in the neutral zone, the lines of the oscillator are directed downwards.
Key levels
Resistance levels: 109.90, 110.77, 111.39, 112.18.
Support levels: 109.18, 108.41, 107.76, 106.71.
Trading tips
In the short term, it is better to open long positions from the current level with the target at 110.70 and stop loss 109.20.
Short positions can be opened from the level of 109.00 with the target at 108.41. Stop loss is 109.30.
Implementation period: 1–3 days.
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