USDJPY – Considering Potential Reversal Level

11.01.2022

Daily: Bearish consolidation is approaching the important support level 114.79 (middle Bollinger band), from which there is a high probability of increased activity of buyers, aiming to work out the previously conquered upper Bollinger band.

H4: Pressure observed locally. Testing of the 114.79 area is expected, which is strengthened by the 115.00 level.

Н1: ADX maintains a high trend potential, which makes the probability of a rebound upward from 114.79 very high.

Conclusions: Correction to 114.79, then rebound up to 115.25.

Solutions:

  • Buy to 114.79.
  • Sell from the 114.79 zone to 115.25.