USD/JPY: technical analysis
17 June 2019, 11:21
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 108.59 |
| Take Profit | 108.15 |
| Stop Loss | 108.80 |
| Key Levels | 107.51, 107.81, 108.15, 108.54, 108.80, 109.14, 109.46, 109.92 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 108.80 |
| Take Profit | 109.40 |
| Stop Loss | 108.50 |
| Key Levels | 107.51, 107.81, 108.15, 108.54, 108.80, 109.14, 109.46, 109.92 |
USD/JPY, H4
On the H4 chart, a lateral trend has formed. The instrument is moving within a narrow lateral channel formed by the boundaries of Bollinger Bands. MACD histogram is close to the zero level, keeping the minimum volumes; the indicator signal line moves parallel to the zero level, without generating a specific signal to enter the market. Stochastic is in the overbought zone, the oscillator lines are reversing downwards, forming a signal to open short positions.
USD/JPY, D1
On the D1 chart, the downtrend is still in force. The instrument is trading between the center and lower lines of Bollinger Bands; the price range is narrowed. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic is in the neutral zone, and the lines of the oscillator are reversing downwards.
Key levels
Resistance levels: 108.80, 109.14, 109.46, 109.92.
Support levels: 108.54, 108.15, 107.81, 107.51.
Trading tips
Short positions may be opened from the current level with target at 108.15. Stop loss – 108.80.
Long positions may be opened from the level of 108.80 with target at 109.40 and stop loss at 108.50.
Implementation time: 1-3 days.
On the H4 chart, a lateral trend has formed. The instrument is moving within a narrow lateral channel formed by the boundaries of Bollinger Bands. MACD histogram is close to the zero level, keeping the minimum volumes; the indicator signal line moves parallel to the zero level, without generating a specific signal to enter the market. Stochastic is in the overbought zone, the oscillator lines are reversing downwards, forming a signal to open short positions.
USD/JPY, D1
On the D1 chart, the downtrend is still in force. The instrument is trading between the center and lower lines of Bollinger Bands; the price range is narrowed. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic is in the neutral zone, and the lines of the oscillator are reversing downwards.
Key levels
Resistance levels: 108.80, 109.14, 109.46, 109.92.
Support levels: 108.54, 108.15, 107.81, 107.51.
Trading tips
Short positions may be opened from the current level with target at 108.15. Stop loss – 108.80.
Long positions may be opened from the level of 108.80 with target at 109.40 and stop loss at 108.50.
Implementation time: 1-3 days.
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