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Business / Finance

Determination of potential trend - USDJPY. Turn down.

FreshForex news RSS 06.11.2019 at 07:37

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USDJPY - Down

Daily chart: the upper Bollinger band is very strong resistance (109.36), which probably could trigger a reversal down to the middle lane (108.44). If at the end of the day will be made a bearish inside bar, then it will be a strong confirmation of such a reversal.

H4: locally the pair is trading in the mid range of the upper Bollinger envelope, which also contributes to the development of the descending wave in the direction 108.44-108.53 (middle Bollinger band).

N1: note the support in the area of 108.81 (lower Bollinger). In the event of a breakdown, the market structure will resemble the pattern of "Head And Shoulders", which will finally break the uptrend.

Expectations: decline to 108.81 and 108.44.

Trading decision: sale to 108.44.

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