USD/JPY: technical analysis 18.07.2019
On the 4-hour chart, the instrument is falling along the lower line of the Bollinger Bands. At the moment the price has met the support at the level of 107.617 (Murray [-1/8]). Assuming the pair’s ability to cross 107.617 level, the mark of 107.527-107.422 (Murray [-2/8]) can be targeted if holding sell positions. If the “bulls” manage to raise the rate above the level of 107.813 (Murray [0/8]), the correction can continue to the area of level 108.008 (Murray [1/8]), which coincided with the middle line of Bollinger Bands. Technical indicators reflect the moderate maintenance of the current downward trend. Bollinger Bands are diverging. MACD is actively growing in the negative zone. Stochastic is the in the oversold area and is pointed downwards.
Support and resistance
Support levels: 107.617, 107.527, 107.422.
Resistance levels: 107.813, 108.008, 108.203.
Short positions can be opened below the level of 107.617 with the target at around 107.527-107.422 and stop-loss 107.675.
Long positions can be opened above the level of 107.813 with the target at around 108.008 and stop-loss 107.760.