USDJPY – Waiting for the pair at 137.48

14.07.2023

Daily: the lower Bollinger envelope is broken, and the ADX indicator shows a large trend pressure. This indicates a probable continuation of the quotes decline.

H4: the nearest sellers’ target is 137.48 (lower Bollinger band). Oversold should be regarded as extreme, so price corrections are possible from this zone.

H1: possible signs of a local bottom are also observed here. However, pressure on the higher timeframes will surely fail the price below the 138.00 level.

Conclusions: decline to 137.48, then upward correction.

Recommendations: Sell to 137.48, Buy from 137.48 to 138.00.