USDJPY Engulfs in Bullish Consolidation

11 November 2021 | Updated: 11 November 2021

USDJPY Price Analysis – November 11

USDJPY engulfs in bullish consolidation and the market is expected to exercise more bullish strength. The price makes a significant appearance with the bull with strong engulfing. However, before that, the bears were causing price movement lower in the consolidation as the price was seen dropping to 112.800 significant level. The buyer’s interference brought about bullish engulfing.


USDJPY Significant Levels:

Resistance Levels:114.400, 110.800
Support Levels:112.800, 109.100


USDJPY Long Term Trend: Bullish

Old price consolidation begins first from the two levels of 110.800 and 109.100 significant levels. These levels were strongly held by both the bulls and the bears for a long time. When the bull tries to push the market forward, the bears cause a hold back in the market. The price eventually broke out from the series of ranges in the market to retest another price level. USDJPY rallied up with a strong bullish appearance breaking major zones as it continues its uptrend movement.
USDJPY engulfsFurthermore, the market eventually entered another consolidation, which is the current one, and the price is seen reacting between the bears and the bulls. The bulls have a higher strength value to cause price movement upward to a new significant level. The market confirms with a bullish signal as the price is set to ride upward. The 1day chart shows price momentum arising as the market strength Continues.

USDJPY Short Term Trend: Bearish

The 4hour chart also views price movement in a consolidation phase. The market is seen coming up and down experiencing a turnover. The bulls make a strong rally with bulls candlesticks and we see a little retracement before price continuation upward. Retracement is a result of market correction as the Stochastic Oscillator shows an overbought phase. However, the price will eventually rally after the retracement correction breaking through the 114.400 Significant level.

You can purchase crypto coins here: Buy coins

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.