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Atirox.com - Daily Analysis
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[QUOTE="andy.atx, post: 182613, member: 58758"] [SIZE=7][B]USD/JPY: TECHNICAL ANALYSIS 26.06.20[/B][/SIZE] [URL='https://atirox.com/wp-content/uploads/USDJPYH426062020.png'][IMG]https://atirox.com/wp-content/uploads/USDJPYH426062020.png[/IMG][/URL] [B]Current trend[/B] On the 4-hour chart, the instrument keeps a moderate negative dynamic amid the downward correction. The price is approaching strong support in the region of 107.031. There is a high chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 106.813 support-line, which coincided with the middle line of Bollinger Bands. This zone can prevent the instrument from falling, as the possibility of the reverse of the price is high there. Meanwhile, the breakdown of 106.800 and the pair’s sustained trading below it could pop-up 106.641-106.514 as the next seller's targets. [B]Alternative scenario[/B] The upward rebound from 107.081 and pullback above 107.243 will be a sign of the upward movement resumption and let the price re-test the yesterday's high at 107.449. As a strong resistance, this level can stop the upward dynamic. However, the decisive breakout of 107.449 is needed to indicate the upward trend resumption. In this case, the sellers will aim for the 107.617-107.813 resistance-area. [B]Technical indicators[/B] Technical indicators maintain a sell signal. Bollinger Bands are diverging on the background of bearish momentum. MACD is growing in a positive zone. Stochastic’s lines are pointed downwards and are reaching the oversold area. [B]Support and resistance[/B] Support levels: 107.031, 106.836, 106.641. Resistance levels: 107.227, 107.449, 107.617, 107.813. [B]Trading recommendations[/B] Short positions can be opened below the level of 107.031 with the target at around 106.730 and stop-loss at 107.131. Long positions can be opened above the level of 107.227 with the target at around 107.500 and stop-loss at 107.136. [/QUOTE]
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