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USDJPY Price Analysis – August 5
USDJPY begins its downtrend adventure after failing to get the best of the 111.650 key level. The market ended its uptrend adventure abruptly after posting a tweezer top candle formation below 111.650. This point was its 8th consecutive higher high position since beginning its uptrend adventure on the 26th of April 2021. The uptrend, which lasted a total of 48 trading days, ensured a 3.69% increase in price.
Resistance Levels: 109.770, 110.700, 111.650
Support Levels: 108.900, 108.600, 107.960
USDJPY Long Term Trend – Bearish
When USDJPY hit the 111.650 key level, it formed a tweezer top candle pattern and was knocked down directly to the 109.770 support zone. The bulls pushed back in retaliation but were repelled at the 110.700 resistance in conjunction with the middle band of the Bollinger Band. The lower border of the initial uptrend movement has thus far prevented further movement of price above it.
In summary, the area between the 110.700 key level and the 109.770 key level has been a zone of a tussle between the bulls and the bears. Bears have the upper hand though and have knocked price below the zone once on the 19th of July. The market recovered but was knocked down again to a lower low on the 29th of July. Currently, buyers have pushed up again, but this time, the market has been prevented by the 109.770 key level from re-entering the tussle zone.
USDJPY Short Term Trend – Bearish
On the 4-hour chart, the market has been sliding in a downtrend, cranking between the lower border and the middle line of the Bollinger Band. Yesterday in the afternoon, buyers employed a large green Haramis candlestick that sprang from the lower border of the Bollinger Band to break back into the consolidation zone, but the 109.770 key level remained tenacious to resist it. The RSI (Relative Strength Index) has its signal line taking a curve downward to the mid-point at 50.
The odds are currently stacked against the buyers, except they act strong and fast, the price will fall to a new lower low of around 107.960.
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