USD/JPY: technical analysis 26.09.2019

Current trend

On 4-hour chart, USD/JPY is correcting down after growth to the level of 107.879. The key target of the correction is the level of 107.510, which corresponds to the middle line of Bollinger Bands. The area of 107.510 can prevent the instrument from falling as the possibility of the reverse of the price is high there. Meanwhile, breakout and pair’s sustained trading below this level will let the price rich the level of 107.422 (Murray [2/8])-107.227 (Murray [1/8]). The upwward trend will be restored after the price is set above the level of 107.879. In this case, the next targets of buyers will be the level of 108.008 (Murray [5/8])-108.142. The technical picture is mixed. Bollinger Bands are pointed sideways. MACD volumes are decreasing in the negative zone. Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 107.617, 107.422, 107.227.

Resistance levels: 107.813, 108.008, 108.203.

Trading recommendations

Long positions can be opened above the level of 107.879 with the target at around 108.008-108.203 and stop-loss 107.779.

Short positions can be opened below the level of 107.510 with the target at around 107.422-107.227 and stop-loss 107.604.

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