USDJPY Buying Opposition Will Extend Below the 126.420 Support Level

Updated:

USDJPY Analysis – May 26

USDJPY buying resistance is expected to extend below the 126.420 critical zone. The buying influence has been submerged due to selling pressure on the USDJPY price action. The dollar began to decline with respect to the yen following the bullish ride towards the 131.400 key level. However, the bullish pressure ceased at this instance as the buyers could not penetrate the order zone above the 131.400 key zone.


USDJPY Important Levels

Resistance Levels: 131.400, 126.420
Support Levels: 121.195, 114.730

USDJPY Buying Opposition Will Extend Below the 126.420 Support LevelUSDJPY Long Term Trend: Bearish

After the USDJPY reaction at the 131.400 key zone, the sellers’ preeminence penetrated the market. The bearish candlestick is currently seen pushing downward as the value index declines. The currency pair’s value will break through the 126.420 key level, with the price currently trading at 127.210. More bearish orders will give rise to selling penetration in this crucial zone.

The buyers’ strong will is to push prices up, even though the buying influence has long dominated the USDJPY pair. The bullish growth emerged following price consolidation at the 113.730 key zone. What followed after was a bullish ride up to the 131.400 significant level. The sellers are now prompted to decline the price tendency below the 126.420 key level. The Parabolic SAR (Stop and Reverse) indicator shows a price tendency dropping on the daily chart.

USDJPY Buying Opposition Will Extend Below the 126.420 Support LevelUSDJPY Short Term Trend: Bearish

The bears are prompted to accelerate the rate of change in the price action on the 4-hour chart. The bearish analysis shows that the sellers are pushing the price down beyond the 124.420 fundamental level. The MACD (Moving Average Convergence Divergence) indicates that the price is currently in a bearish region, with sellers aiming for a price below 126.420.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.