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USD/JPY Technical analysis 10 January 2019

2019-01-10 12:08 am | Resource: Technical Analysis | No Views : 50

Time frame Used - four hours
The USDJPY is moving in a bearish direction in the near term.
USD/JPY CHART
The USDJPY was already decline as the bears managed to control movement of  the USDJPY to hit 107.93 forming a positive candlestick formation, as well as the USD/JPY touching the lower boundary of the Bollinger Index.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to a lack of signals.
Accordingly, we expect that the USDJPY will test levels of 108.55 - 109.00, and this scenario fails in the case of instability above level of  107.93.
The alternative scenario is that the USDJPY broke level of 104.74 down to target the 99.75 level.
Recommendation
Our view is currently neutral around USD/JPY
The fundamental overview
• On the economic data level there are no reports or economic data that have a strong impact on the Japanese economy.
• On the other hand, US Treasury Secretary Paul Powell's speech will be issued at 7:30 am GMT.
Resistance: 109.00 - 109.50 - 110.12
Support: 106.80 - 104.74 - 104.00
Direction: Down
Technical Analysis
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