USDJPY – intraday key support – 129.29

27.01.2023

Daily: in the middle Bollinger band area there are traditionally attempts to breathe life into the downtrend. Plus, the bears have a breakdown of the lower Bollinger envelope, so they have prospects.

H4: strong support is at 129.29 (lower Bollinger band). It may not be broken through today, which is proved by the insufficient trend potential of the ADX.

H1: An attempt of breaking through the lower Bollinger band may result in the short-term decrease to 129.29. But hardly below.

Conclusions: downside movement to 129.29, then rebound towards 130.17.

Recommendations: Sell to 129.29 and Buy from 129.29 to 130.17.