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.
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
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.