USDJPY Technical View
USDJPY Current price is 107.71 level. At present, this pair is staying below the resistance level at 108.09 marked on the chart. As long as this pair stays below this resistance, we should stay on sell mode.
Yesterday on our Facebook page, we updated the technical analysis of USDJPY pair. We identified a pin bar on H1 time frame on the resistance level. It fell 70+ pips after pin bar confirmation.
Near term support zone marked on the chart is between 107.20-107.30 level. Another support lies on 107 level. Our target for sell will be the above-mentioned support level. If we see a breakout of this support level, then more downside movement can be expected.
H4 Chart Analysis
On H4 chart, Pin bar formed from resistance level, then the next candle is bearish which indicates sell for this pair. The main trend is also down on H4 chart. So this can be a good set up for sell based on price action strategy.
Buy Setup
If USDJPY breaks the resistance level, then we will go for the buy. We should wait for a successful breakout of the resistance level. For buy, the target will be 108.55 level. Next resistance lies on 109.00.