USDJPY Engulfs in Bullish Consolidation

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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.
Furthermore, 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.

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