USDJPY – Possible recovery of the pair

05.05.2023

Daily: the correction downward continues, but the possible level of reversal upward is the middle Bollinger band (134.25). This is due to the fact that earlier the upper Bollinger envelope was broken, and this pattern of continuation, as a rule, is developed exactly from the middle band.

H4: two consecutive ping-bars from the lower Bollinger band is a strong bid for the upside reversal from the current levels. The nearest strong resistance is the area of 136.53-136.92.

H1: We also note a strong bullish momentum against the background of the news about the Fed raising the interest rate. Growth of quotes in the direction of 136.53 (upper limit of the Bollinger envelopes) may be expected.

Conclusion: growth towards 136.53-136.92.

Recommendations: Buy to 136.53-136.92.