USDJPY – Bulls maintain control

24.02.2023

Daily: the pair is striving upward, but has a local “ceiling” in the area of 135.29 in the form of the upper Bollinger band. Let’s note the strong trend pressure of ADX, which is desirable to confirm on the smaller timeframes.

H4: The upward phase is limited by the upper wall of the Bollinger envelopes (134.80). The ADX potential may be called weak so far.

H1: The price breakdown of the upper Bollinger envelope will encourage rise to 134.80. However, pullback to 134.20 (middle Bollinger band) is more likely.

Conclusions: pullback to 134.20, then growth to 134.80.

Recommendations: Buy from 134.20 to 134.80.