USDJPY Is Gearing Up for More Buy Setups

Updated:

USDJPY Analysis – May 5

USDJPY is gearing up for more buy setups above the crucial 126.940 level. The buy investors are constantly placing more orders and, as a consequence of their influx of orders, the price is established to continue its uptrend. The bulls are, thus, ready to withstand being faced by market makers as more setups are being prepared.


USDJPY Crucial Levels

Resistance Levels: 128.640, 126.949
Support Levels: 121.340, 118.110

USDJPY Is Gearing Up for More Buy SetupsUSDJPY Long Term Trend: Bullish

Before the bullish elongation appeared in the scene, there happen to be fluctuations in price. The prospects for the price are both unwilling to give up the price on each other. However, the bullish propensity was able to dissolve the sellers’ efforts by subjecting them to the trend tunnel. The buyers begin to value the price, with the price smashing up through several crucial levels.

The buy investors continue to place more orders as the market level goes on to elongate on the daily chart of USDJPY. The market made a quick retracement after breaking through the 121.340 critical level. As the bullish order continues, several orders were also placed in the market. The market is currently clear to push further following a retracement back to the 128.640 key level. The Parabolic SAR (Stop and Reverse) indicator shows the price is still trending upward.

USDJPY Is Gearing Up for More Buy SetupsUSDJPY Short Term Trend: Bullish

The bulls are still planning to push the price above the critical 126.940 level. The Relative Strength Index (RSI) on the USDJPY appears to have reached an overbought maximum, indicating that heavy buying activity is currently taking place while retracement remains in check. The buyers are therefore still preparing for more buying opportunities despite the price pullback to the 128.640 significant level.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.