USD/JPY: Murrey analysis 05 July 2019, 11:38

USD/JPY: Murrey analysis

05 July 2019, 11:38

Scenario
Timeframe	Intraday
Recommendation	BUY STOP
Entry Point	108.15
Take Profit	108.60, 109.37
Stop Loss	108.80
Key Levels	106.25, 107.03, 107.81, 108.60, 109.37

Alternative scenario
Recommendation	SELL STOP
Entry Point	107.55
Take Profit	107.03, 106.25
Stop Loss	107.90
Key Levels	106.25, 107.03, 107.81, 108.60, 109.37

This week, the USD/JPY pair was corrected to the level of 107.81 ([2/8]) but failed to consolidate below it and is now trying to grow. If the price consolidates above the middle line of Bollinger bands around 108.00, it can rise to the levels of 108.60 ([3/8]) and 109.37 ([4/8]). In case of a reverse consolidation of the rate below 107.81, it may return to the level 107.03 ([1/8]) or reach the level of 106.25 ([0/8]).
Technical indicators do not give a clear signal. Bollinger bands are reversing horizontally. Stochastic is directed downwards. The MACD histogram is reducing in the negative zone. In general, the upward movement towards the middle of the Murrey trading range seems more likely in the medium term.
Support and resistance
Resistance levels: 108.60, 109.37.
Support levels: 107.81, 107.03, 106.25.

Trading tips
Long positions can be opened above the level of 108.00 with the targets at 108.60, 109.37 and stop loss around ​​108.80.
Short positions can be opened after the consolidation below the level of 107.81 with the targets at 107.03, 106.25 and stop loss around ​​107.90.
Implementation period: 3–4 days.