USDJPY – Market reversal upwards

18.11.2022

Daily: after four consecutive bars outside the lower Bollinger envelope, the market moves into an up reversal. The probability that the pair can reach the middle Bollinger band (145.41) in this correction is very high.

H4: A pronounced bullish convergence with the RSI is also a sign of a trend reversal. The nearest strong resistance on the way up is 141.70 (upper Bollinger band).

H1: We have a breakdown of the upper Bollinger envelope, which is a signal of continuation of growth from the middle bar (139.41).

Conclusion: pullback to 139.41, then growth to 141.70.

Recommendation: Buy from 139.41 to 141.70.