USDJPY Fails to Bridge the Previous High at 116.090

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USDJPY Price Analysis – February 17

USDJPY fails to bridge the previous high at 116.090. For a few months last year, the market created a range between the 110.590 resistance level and the 109.090 support level. The high point of the range was bridged on the 24th of September. The market then experienced six consecutive days of unresisted price rises. After surpassing the resistance zone, the range high at 110.790 was retested. This gave room for more buyers to flood the market.

USDJPY Major Market Zones

Demand Zones: 109.090, 113.590
Supply Zones: 116.090, 110.790

USDJPY Long Term Trend: Bullish

The market formed a channel characterized by previous highs being bridged and previous lows held. The market was in an uptrend with reduced momentum compared with mid September into November last year. The channel’s upper border was tested on October 20th, 2021. The market tested the border again on the 24th of November, which bridged the previous high. Likewise, the next high, formed on the 4th of January, bridged the previous high. All through the channel, the lows that tested the lower border were higher lows.

After the previous low was formed on the 113.590 demand zone, the bulls went long. The confluence of the demand zone and the trend line led to higher pricing. The previous high was tested. USDJPY fails to bridge the previous high. The daily candles managed to create short wicks above the zone before they fell off. The previous highs were well defended by the bears in the market.

USDJPY Short term trend: Bullish

On the four-hour chart, the Moving Average is seen to lead the price lower. After the failure to bridge the previous high, the position of the Moving Average switched. On the 11th of February, the Moving Average period 9 crossed the candles to support bearishness. The Moving Average Convergence Divergence indicator also crossed above the mid point to confirm a momentary reversal. The bulls are likely to regain strength upon bouncing on the trend-line, which is toward the 113.590 demand zone.

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