USDJPY – Preparing for a downward reversal

27.10.2023

Daily: bears did not pass the support at 149.46 on the middle Bollinger Band, so the inertia of the long-term uptrend remains. Nevertheless, a downward reversal is in order.

H4: the psychological level of 150.00 is a strong resistance, where the upper boundary of the Bollinger envelopes is also located.

H1: the pair is still squeezed in the range of the upper Bollinger envelope (149.71-150.03). We consider either working short in this corridor or medium-term selling from 150.00.

Conclusions: growth to 150.00, then decline to 149.75.

Recommendations: Sell from 150.00 zone to 149.75.