USDJPY Buyers Strive to Expand the Price Trend

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USDJPY Analysis – April 28

USDJPY buyers strive to expand the price trend beyond the 126.960 significant level. The bullish expansion is determined to go higher in the market with the momentum increasing. The buy traders have therefore set up several order blocks as the price continues to expand upward. These domains are being assessed by the sellers before further expansion upward in the market. The sell traders have currently assessed the 126.960 order level in the market and are now striving to expand forward.

USDJPY Key Levels:

Resistance Key Levels: 126.960, 125.000
Support Key Levels: 121.180, 118.250

USDJPY Long Term Trend: Bullish

USDJPY first swept through the trending channel upward in the market. The bulls and bears wielded opposite price tendencies in the channel. After this movement in price, there was a burst in the market structure. The release of pressure on USDJPY gave rise to a bullish expansion in the market. The sellers were, however, overtaken in the market, because they have less impact. The bulls, therefore, remain confident in driving the price trend forward.

After the breakout from the aisle, the sellers made a pullback at the 121.180 key level of the market. A major drawback is also evident before bullish continuation, currently at the 126.960 key level. The Bollinger Band indicator in the market keeps expanding as the price keeps going up on the daily chart.

USDJPY Short Term Trend: Bullish

The 4-hour chart of the USDJPY shows price movement rallying up in the market. The momentum indicator is also pointing to an expansion in the market. The increase in price momentum also contributed to the bullish advancement in the market. The bulls are therefore striving to push prices further, far beyond the 126.960 significant level of the market.

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