Source: PaxForex Premium Analytics Portal, Technical Insight
The USDJPY trades at 106.68 and keeps moving in a strong growth and upward channel. USD/JPY is moving above the upper boundary of Ichimoku Kinko Hyo Cloud. It indicates that there is a bullish trend.
USD/JPY, 30 min
Pivot: 106.70
Analysis:
Provided that the currency pair is traded above 106.40 follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 106.70
- Take Profit 1: 106.90
- Take Profit 2: 107.10
Alternative scenario:
In case of breakdown of the level 106.40, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 106.40
- Take Profit 1: 106.25
- Take Profit 2: 105.95
Comment:
Technically RSI shows the possibility of an uptrend during the day.
Key levels:
Resistance | Support |
107.30 | 106.40 |
107.10 | 106.25 |
106.90 | 105.95 |
USD/JPY, D1
Pivot: 105.86
Analysis:
While the price is below 108.15, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 105.86
- Take Profit 1: 104.15
- Take Profit 2: 102.40
Alternative scenario:
If the level 108.15 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 108.15
- Take Profit 1: 109.65
- Take Profit 2: 111.20
Comment:
RSI shows a medium-term downtrend.
Key levels:
Resistance | Support |
111.20 | 104.15 |
109.65 | 102.40 |
108.15 | 101.15 |