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(English) USD/JPY : ANALISIS TEKNIS 18.10.2019

Current trend

On 4-hour chart, the instrument is trading below the middle line of Bollinger Bands suggesting bearish momentum. If the sellers manage to decline the rate below the level of 108.447, the downward movement can continue to the area of 108.203. This area seem a stronh support level, which can activate an upward rebound. Meanwhile, the breakdown and pair' sustained trading below this level will give the prospect of fall to the levels of 107.961-107.813.
Alternative scenario.
Pullback above the middle line Bollinger Bands (108.680) may be a start for upward movement formation. One may speak about upward movement continuation after the price consolidates above the resistance level of 108.933. In this case, the next targets of buyers will be the level of 109.375.
Technical indicators reflect the moderate maintenance of the current downward trend. Bollinger Bands are slightly leaned downwards. MACD volumes are decreasing in the positive zone. Stochastic is pointed sideways.

Support and resistance

Support levels: 108.517, 108.203, 107.813.
Resistance levels: 108.680, 108.933, 109.375.

Trading recommendations

Long positions can be opened above the level of 108.680 with the target at around 108.933 and stop-loss 108.595.
Short positions can be opened below the level of 108.517 with the target at around 108.203 and stop-loss 108.621.

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