USDJPY Price Analysis – March 3
USDJPY bearish flag pattern has formed a reversal in the ascending channel. USDJPY has established many bearish flags in previous times, signalling a market reversal. In the daily time frame, a large channel has formed. With the help of the channel, the bulls have slowly advanced. In late October and early November, a bearish channel emerged. Within the channel, a breakout created bullishness. On the 19th of November, the created bearish flag was retested. The market rose into the upper boundary of the primary channel as a result of the retest.
USDJPY Significant Market Levels
Resistance levels: 116.070, 110.770
Support levels: 113.570, 109.070
USDJPY Long Term Trend: Bullish
With the help of the rising channel’s top border, the bears took control of the market. On the daily chart, the market dived straight to test the upward trend line. The market tested the trend line on November 30th of last year. When the trend line was reached, there was a severe rejection. A long shadow appeared under the massive bodied bearish candle. This established a reversal in the market.
In January, a bearish flag pattern formed within the channel. The market dipped into the demand zone at 113.570 due to the bearish flag pattern. The bearish flag pattern was broken on the 27th of January this year. The bearish flag pattern was retested on February 2nd, early this year. This created bullishness in the market till the supply zone at 116.070 was reached.
USDJPY Short Term Trend: Bullish
A new bearish flag pattern formed in February, which has created a market reversal. The four-hour chart is uptrending with support from the two Moving Averages. The shadow within the convergence of the ascending channel and the bearish flag formed an upthrust in the market. The breakout above the bearish flag has been retested and has increased market buying pressure. The bulls are currently aiming for the 116.070 level.
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