USDJPY – Evaluating the prospect of a downward reversal

11.08.2023

Daily: the closer the upper Bollinger band (144.76) – the closer the potential downward reversal. But it is necessary to wait for the price reaction regarding the ADX indicator entering the trend zone. Also the news from the USA will certainly play its role today.

H4: the new top on the price chart was not confirmed by the RSI oscillator (divergence), which may indicate a decline in buying pressure.

H1: the upper Bollinger envelope was not broken, so the bears have a chance to reverse towards 143.38 and 143.12.

Conclusions: decline to 143.12.

Recommendations: Sell to 143.12.