09:22, 16 February
USDJPY Daily Analysis
The USDJPY pair traded lower for the fourth consecutive session yesterday and ended below the daily lower Bollinger band (currently placed at 106.15) at 106.13, after making a low at 106.04. Currently, the daily MACD and RSI indicators are heading downwards, accompanied by the stochastic indicator trading in its oversold territory, hints the presence of bearish momentum in pair. Similarly, the 4H & 8H momentum oscillators are trading with a negative showing, further affirming the above outlook. Immediate support is placed at the 105.41/40 level, followed by the 105.04/00 and 104.68/65 levels. A breach below the latter might lead to increased bearish pressure on the pair. However, a daily lower Bollinger band crossover suggests a likely recovery over intraday basis. Key resistance is aligned at the 106.10 level, followed by the 106.42/45 and 106.85 levels. A surge above the latter might reverse the trend to bullish.