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Daily chart: The USDJPY is making a bullish rebound in the 97.59 support level. Now, this pair will try to climb to the resistance at the 98.25 level. If it breaks, it is expected to rise to the level of 99.81. On the other hand, if the USDJPY breaks the support level of 97.59 are expected to drop to the level of 96.38. For now, it is very possible that the USDJPY to continue strengthening its bullish trend today, because this bounced off 96.38 support level, very close to the 200 day moving average. The MACD indicator remains in positive territory and extreme oversold levels, so we must be vigilant.
H4 chart: Last week, the USDJPY bounced off the 200 day moving average and broke the support at the 97.65 level. Now, this pair is trying to consolidate above that level and if it succeeds, would be expected to go back up to the level of 98.27. Furthermore, if the USDJPY achieves in breaking the support level at 97.0, would be expected to drop to the level of 95.81. If the USDJPY manages to consolidate below the support at the 97.00 level, it is likely that this starts to fall more in the coming days due to the weakness that has made this pair in recent weeks. The MACD indicator remains in negative territory, although it is possible that between a neutral territory.
H1 chart: This pair is moving in very critical levels and much indecision, for the proper development of the intraday trend of this pair. If the USDJPY managed to break the resistance at the 98.04 level, it is expected to rise to the level of 98.38, and is very likely to begin to develop a strong bullish intraday trend. On the other hand, if USDJPY manages to break the support at the 97.13 level, it is expected to fall to 96.02 level and this begins to consolidate below the 200 day moving average. The MACD indicator remains in positive territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD/JPY pair breaks a bullish candlestick; the resistance level is at 98.04, take profit is at 98.38, and stop loss is at 97.70.
Source: www.instaforex.com
