USDJPY Is Gaining a Strong Bullish Appearance

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USDJPY Analysis – Price Is Gaining a Strong Bullish Appearance Upward

USDJPY is gaining a strong bullish appearance upward due to an increase in price movement in the market. The bulls’ momentum continues to increase progressively as the buyers are seen adding more positions to the market. The buyers, however, have held this position for a long time as price action has been seen after accumulating and then breaking through several significant levels as the bullish appearance becomes stronger.

USDJPY Significant Levels

Resistance Key Levels: 112.050, 110.860
Support Key Levels: 109.700, 109.100

USDJPY Long Term Trend: Bullish

USDJPY price-ranging moments are seen after the price progressively rallied up. The market is seen creating significant higher lows and highs. The price then entered a significant range, and the price begins to consolidate between the significant levels of 109.700 and 110.860. At this stage, there was a price struggle between the major competitors in the market. However, due to several accumulations, the buyers finally gained total control of the market situation. The market continues to gain more strength due to the buyer’s momentum.

However, as the buyer’s impetus grows, the price breaks through the 110.860 significant price level. The USDJPY surged to a new significant level, forming a new upper high pattern at the 112.050 significant price level. At this level, however, there was a strong refusal. This rejection, however, indicates a sudden pullback held by the sellers. The market then retested the 110.860 significant price level before gaining more strength. The market continues to rally up to higher levels to create new highs. The RSI (Relative Strength Index) indicator shows that the price has reached an overbought region, and the price is trading lower. This implied that the market is about to make another pullback to a significant price level before continuation.

USDJPY Short Term Trend: Bearish

On the 4hour chart, the market continues to rally up after gaining bullish strength. The bullish market is seen gaining more significant price levels as the momentum increases. The price is now seen to be dropping as we anticipate a pullback and consolidation before the buyers increase their momentum. The candlesticks seem to have rebounded from the Bollinger Band indicator at the upper level. The RSI also indicates a price level in the overbought region, indicating a drop in the price movement. USDJPY will therefore keep gaining a more bullish appearance as the market is seen consolidating.

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