USDJPY Bulls’ and Bears’ Tussle Intensifies

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USDJPY Price Analysis – December 9

USDJPY bulls’ and bears’ tussle intensifies as the ranging zones expand. Bulls, having grown weary of being confined to the 114.420 resistance, pushed through with much struggle and forced their way to 115.450. Buyers then weakened, allowing bears to retaliate by driving the price down beyond 113.400 to 112.780. These levels now act as an expanded range level for the market.

USDJPY Significant Levels

Resistance Levels: 114.420, 115.420
Support Levels: 113.400, 112.780

USDJPY Long Term Trend: Ranging

USDJPY bears and bulls have been at odds since the 17th of August when the price was attempting to stabilize. The market was trammeled between 110.260 and 109.390. This continued for a month before bulls launched an assault on the market, dragging it up to 111.930. After that, the price pulled back and continued its upsurge till it reached 114.420. At this level, bullish tendencies were curtailed.

Bears weren’t allowed to be expressive either as the market zigzagged between 114.420 and 113.400. However, the price dropped to 112.780 on the 9th of November. This also triggered the bulls to lift the market beyond 114.420 to reach 115.420. The tussle goes on as the price drops back to 112.780. The EFI (Elders Force Index) shows that with the latest drop to 112.780, USDJPY is now in bearish territory, but price is recovering as the MA period 9 (Moving Average) supports price.

USDJPY Short Term Trend: Bullish

The 4-hour chart shows a better view of the progress of the bulls. The market has violated 113.400 to climb above it. There is now a double retest of the level and the price will be looking to shoot up from there. The EFI has risen to a positive value, putting power in the hands of the bulls. Bulls will try to push the market back up to 115.420.

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