USDJPY – Consolidation in the 131.02-131.74 range

24.03.2023

Daily: the pair continues to remain outside the lower Bollinger envelope, which could be a sign of an impending correction. At the same time, the ADX potential remains strong, so it is not promising to bet against the trend yet.

H4: There is still pressure towards the lower boundary of the Bollinger envelopes (130.72.). It may be considered as the minimum target for the sellers.

H1: consolidation within the bollinger envelopes (131.02-131.74) is also possible. It will allow the bears to get more interesting entry points near the upper boundary of this range.

Conclusions: accumulation of potential in the 131.02-131.74 range.

Recommendations: Sell from the 131.74 zone.