USD/JPY: technical analysis 13.08.2019

USD/JPY: technical analysis 13.08.2019

Current trend

USD/JPY is in the stage of upward correction after falling to the level of 105.044. The first target of the correction is the level of 105.680, which corresponds to the middle line of Bollinger Bands. The resistance level 105.469 (Murray [-1/8]) can be a hurdle for USD/JPY on its way to 105.680. Meanwhile, the breakout of 105.680 and can accelerate the pair towards 106.000-106.250 (Murray [0/8]). Failure to conquer the 105.469 mark seems fetching the USD/JPY to 105.044 support. The downward trend will be restored after the price is set below the level of 105.000. In this case, the next targets of sellers will be the level of 104.825-104.688 (Murray [-2/8]). The technical picture is mixed. Bands are pointed downwards. MACD volumes are slowly decreasing in the negative zone. Stochastic’s lines are pointed upwards.

Support and resistance

Support levels: 105.305, 105.127, 105.00, 104.825.
Resistance levels: 105.469, 105.680, 106.000, 106.250.

Trading recommendations

Long positions can be opened above the level of 105.469 with the target at around 105.680 and stop-loss 105.398.
Short positions can be opened below the level of 105.000 with the target at around 104.825 and stop-loss 105.058.