USD/JPY: technical analysis 14.03.2019

USD/JPY: technical analysis 14.03.2019

Current trend

On 4-hour chart, USD/JPY is trading above the middle line of Bollinger Bands suggesting bullish momentum. If the current trend maintains, the next targets of buyers is the level of 111.71 (Murray [4/8]). If the “bulls” manage to raise the rate above the level of 111.71, the growth can continue to the area of 111.91 (Murray [5/8]), 112.10 (Murray [6/8]). Pullbacks below 111.32 (Murray [4/8]) could lead to the levels of 111.13 (Murray [1/8]) – 110.93 (Murray [0/8]). Technical indicators mostly keep a buy signal. Bollinger Bands diverge indicating the development of the current upward dynamic. MACD histogram is ready to enter the positive zone and form a buy signal. Stochastic’s lines are pointed upwards.

Support and resistance

Support levels: 111.52, 111.13, 110.93.
Resistance levels: 111.71, 112.10, 112.50.

Trading recommendations

Short positions can be opened below the level of 111.52 with the target at around 111.13-110.93 and stop-loss 111.70.
Long positions can be opened above the level of 111.71 with the target at around 112.10-112.50 and stop-loss 111.46.