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Daily chart: USDJPY continues to fall below the resistance level at 97.59. It is very likely that this pair fall to support at the 96.38 level. However, we must bear in mind that the USDJPY could again break the resistance level at 97.59 and go up to the level of 98.25. If the pair manages to break that level, it’s likely to rise to the level of 99.81. However, our bearish outlook is still alive in this chart, because of the weakness that has shown this pair. The MACD indicator remains in neutral territory, so we must be cautious.
H4 chart: This pair continues within the range between 97.65 and 97.00 levels. If the USDJPY manages to break the support at the 97.00 level, it is expected to fall to the level of 95.81. On the other hand, if the pair manages to break the resistance at 97.65 level, would be expected to rise to the level of 98.27, which is the moving average of 200. The bearish trend in this pair is still very much alive and more likely to fall for the rest of the week, is still very high. The MACD indicator remains in negative territory.
H1 chart: We must be very attentive to current levels in the USDJPY. Remember that there is a Point of Control (POC) near the 97.30 level, which could act as support or resistance in this pair. If the USDJPY managed to break the resistance at the 97.64 level, it is likely that this pair is consolidated in a strong bullish trend. On the other hand, if the pair manages to break the support at the level of 97.13, which would be expected to be kept alive bearish trend in this chart, because the USDJPY is currently below the SMA 200. The MACD indicator remains in positive territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD/JPY pair breaks a bearish candlestick; the support level is at 97.13, take profit is at 96.02, and stop loss is at 98.23.
Source: www.instaforex.com
