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.