10:37, 22 January

USDJPY Daily Analysis

The USDJPY pair traded lower for the second successive session on Friday and ended at 110.77, after notching a low at 110.49. Currently, the daily RSI and stochastic indicators are pointing towards the north, hinting at possible bullish  momentum in the coming  session.  Besides,  a  signal  line  crossover  from  below  by  the  4H  MACD,  accompanied  by  the  8H  RSI  and  stochastic indicators trading with an upside bias, further confirms the above view. Key resistance resides at the 111.13/15 level, followed by the 4H upper Bollinger Band (currently placed at 111.42/45) and the 8H 50SMA (currently trading at 111.81/85). A break above the latter might lead to positive momentum in the pair. On the contrary, immediate support is placed at the 2H lower Bollinger Band (currently trading at 110.42/40), followed by the daily lower Bollinger band (currently trading at 109.98/95). A breach below the latter might trigger increased selling pressure on the pair.