USDJPY Continues to Consolidate Between Key Levels

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USDJPY Price Analysis – September 23

USDJPY continues to consolidate as the market starts to gain bullish momentum. The price is seen going upward after a bullish engulfing. This connotes that the market will gain momentum and may even break beyond the 110.080 level. The bulls and the bears continue to shake themselves off, and this keeps the market in strong consolidation. Therefore, the price is expected to rise beyond 110.080 and may even break through it.

USDJPY Significant Levels:

Resistance Levels: 110.500, 110.080
Support Levels: 109.600, 109.220

USDJPY Long Term Trend: Ranging

USDJPY first assumed a bearish movement around April to early May. The price then changed its direction as the buyers gained control of the market. The bullish momentum was seen as the market continues to make higher highs and lower lows, breaking through various significant levels. The price is now seen ranging in between the significant levels of 110.500 and 109.220, as we see the bears and bulls tussle for power.

The market, on the other hand, continues to accumulate these thresholds before a break-out occurs. However, the Stochastic Oscillator indicator shows price fluctuations around the oversold area. In the ranging market, the leading indicator suggests that price movement will continue to rise. The Parabolic SAR (Stop and Reversal) displays dots above the price to illustrate the overall trend.

USDJPY Short Term Trend: Bullish

The bulls and bears are battling for market supremacy on the 4hr chart. The bulls seem to have taken over as the price continues to consolidate. USDJPY is seen rallying upward after a long engulfing candlestick. The price has already broken through the 100.600 significant key level before it continues rising. The Parabolic SAR shows price movement moving below the candlesticks. This, however, shows that the market will continue to gain bullish momentum. The price is, however, anticipated to break beyond the 110.080 key level.

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