USDJPY Buyers Set Up Bullish Tendency Above 134.500 Key Level

USDJPY Analysis – Buyers Set up a Bullish Tendency Above 134.500 After Retracement

USDJPY buyers set up a bullish tendency above the key level of 134.500. The buy traders are still in the business of positioning price orders for USDJPY value to increase. On the other hand, the sell merchants are impeding the bullish trend. A retracement is, therefore, possible back to the 134.500 key level. Before bullish movement can thus be disposed of again, a pullback is meant to occur.

USDJPY Significant Levels

Resistance Levels: 134.500,131.150
Support Levels: 126.420, 121.160

USDJPY Long-Term Trend: Bullish

A decisive bullish phase on the daily chart of the USDJPY has been identified for some time after price consolidation within an uptrend. This was done a long time ago. After such a drawn-out period of consolidation, the Moving Average 50 and the Moving Average 25 both show a big, solid cross. The purchasers were the ones who advanced first and were the ones who broke out first to the crucial level at 121.160.

As a result of this breakthrough, a pullback development is observed in the USDJPY value before an uptrend continues. This was observed before an uptrend continued. As the price rallied to the 131.150 crucial level, bull traders again started to sway the market’s propensity toward moving upward even though this obstacle was overcome and reanalyzed. More evidence of a further breach emerged as the price level moved beyond the 134.500 critical level. The use of moving averages helps to close the gaps in the market that are caused by rapid retracements in the price. The Money Flow indicator shows that buy traders are still hopeful about the market.

USDJPY Short Term Trend: Bullish

Although the sellers are currently creating a price pullback on the USDJPY value, one should continue to have bullish hopes for the currency pair.

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