Market Analysis – June 11
The USDJPY price action features a rising wedge on the daily chart. After a bullish breakout in late April, the price has retraced back into the wedge, yet the structure remains supportive of upward movement. The Bollinger Bands consistently provide support, indicating that the upward price motion is still being sustained.
USDJPY Key Levels
- Demand Levels: 155.60, 151.90, 146.50
- Supply Levels: 160.40, 165.00, 170.00
USDJPY Long-Term Trend: Bullish
The bullish momentum of USDJPY has significantly declined since the late April breakout. The lack of volatility is evident from the smaller daily candles, which show reduced price fluctuation. Lower highs have been formed compared to the swing high achieved upon the breakout above the rising wedge.
The Hull Butterfly Indicator reflects this decline in bullish momentum. The green histogram bars, which signify bullish strength, have gradually diminished in size and have now disappeared entirely. This indicates that the market has reached an equilibrium of strength, with neither bulls nor bears having a clear upper hand.
USDJPY Short-Term Trend: Bullish
Despite the diminished volatility and consolidation phase, the Bollinger Bands continue to offer substantial support. A notable development on the 4-hour chart is the formation of a double-bottom pattern. This pattern is typically a bullish reversal signal, suggesting that the recent price lows may act as a foundation for further upward movement.
The formation of this double bottom pattern on the chart is expected to propel the price toward the 158.0 level. This potential rise aligns with the short-term bullish outlook, supported by the ongoing support from the Bollinger Bands and the technical structure of the price action.
You can purchase Lucky Block here. Buy LBLOCK
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.