USDJPY Daily Support and Resistence

Intraday Preferences: BEARISH
Reference Area: 109.449-109.743 (look for BEARISH signal confirmation)
Support: 109,120, 108,791, 108,497
Resistance: 109,449, 109,743, 110,037

Comment:
USDJPY is stuck in the resistance area. For trading strategies based on forex technical analysis today we can look for sell signals in the area of 109.449-109.743. The target potential is up to the range 109,267-109,120.

Be careful if the price breaks above 109.743 because it will potentially frustrate this bearish scenario.

Alternative Strategy:
A break above 109.743 potentially will be followed by an upward movement to the area of 110.037-110.366. So before opening a buy position make sure the price has actually broken above that level.


Linkback: https://www.forex.zone/technical/11/usdjpy-daily-support-and-resistence/759/

Upwards scenario: USDJPY is limited to the next resistive measure at 110.15 (R1) on the upside. Break here is required to enable bullish potential and expose our interim target at 110.50 (R2). Further price appreciation would then be limited to last resistance at 110.85 (R3). Downwards scenario: On the downside we expect positive retest of important fractal level at 109.61 (S1). Market easing below this mark would open route towards to initial targets at 109.24 (S2) and 108.86 (S3).

Resistance Levels: 110.15, 110.50, 110.85

Support Levels: 109.61, 109.24, 108.86

Technically, I see this USDJPY pair has entered a price position that is still feasible to take into account its entry point.

Let's look at the USDJPY chart image 4 Hours The following Time Frame before we analyze:





Let's analyze using Price Action analysis. In the market trend, USDJPY is still in bullish / uptrend, but we also have to anticipate a reversal if the price breaks the support area above and also price consolidation.

In the history of the candle, we can look for Buy opportunity, but to be more objective, I will present an analysis for buy or sell entries.

When we look at the chart above, the Buyer pressure (the length of the Green candle) slowly increases the price without being able to be opposed by the Seller pressure (the length of the Red candle) and forming a Higher Low.

This indicates that the Buyers still dominate the formation of certain price levels. However, Sell opportunities can still be found in this USDJPY pair.

In the picture, I determine the Area Resistance through two lines above the price (110.39 - 110.20), for the Support area, we can see through two lines below the price (109.62 - 109.45)

Pair :USDJPY
Date :07 Feb 2019

R3:110,68
R2:110,37
R1:110,18

Pivot Point :109,87

S1:109,68
S2:109,37
S3:109,19

price above the daily pivot 110.64.

The small MA is below the large MA, the price is above the two MAs.
The price forecast will be bullish with the initial target of Resistance 1.
Possible to penetrate to Resistance 2.