USDJPY bulls rebound at the 121.200 significant level before continuing. The price started with a strong bullish wave and broke through the 121.200 significant level in the market. The sellers are now trading price tendency back to this critical level. The sell traders value the price but are not willing to push the market value below the 121.200 significant level. However, the pullback in the market will give more yield to the bull pressure. Therefore, the price will kick off after the rebound at the 121.200 price level.
USDJPY Significant Levels:
Resistance Levels: 121.200, 116.300 Support Levels: 112.300, 108.730
USDJPY Long Term Trend: Bullish
The market is currently opened with a doji candlestick, which implies indecision in the market at the 121.200 significant level. This shows that the sellers can’t manipulate the price action any further in the market, and the bulls are already setting up a price tendency upward in the market. The arrow in the market indicates a bullish trend continuation the market. Therefore, the price will set up a bullish order as more pressure is being added to the market.
The buyers’ first breakthrough came after a short consolidation notch at the 112.300 price level. Following that, another price accumulation phase began as the bull market commenced. The bull market will eventually break through the 116.300 significant level as the pressure increases in the market. The buyers continue to seek price tension in the market. The signal line shown on the MACD (Moving Average Convergence and Divergence) shows the price tendency in the bullish region. The signal line continues to increase in the market as price momentum increases.
USDJPY Short Term Trend: Bullish
The buyers are alert for any rally in price action from the 121.200 significant level. The sell traders’ strength is reducing, and the buyers’ strength is already posing as the price is set to rebound from the 121.200 significant point in the market. The momentum indicator signal gave a drop when the sell trader came into the scene. Following a rebound at the 121.200 important level, the price is expected to move up in a bullish direction in the market.
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