USDJPY Is Retracing to Its Former Supply Zone to Find Support

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USDJPY Price Analysis – January 6

USDJPY is retracing to find support in the market. The overall market trend has been bullish. The market was ranging from August to September. The bulls and bears struggled between the resistance zone at 110.500 and the support zone at 109.000. The uptrend was initiated after a cross of the MA periods 9 and 21 (Moving Averages). The breakout of the consolidation occurred on the 24th of September.

USDJPY Major Market Zones

Resistance Zones: 115.40, 110.50
Support Zones: 112.20, 109.00

USDJPY Long Term Trend: Bullish

The market skyrocketed to the 115.40 zone. The bears stepped in strong at the supply zone of 115.40. The price sank to find support at 112.700. At that point, the Stochastic Oscillator was already showing that the market is oversold. The order of movement has formed an ascending triangle. The lower trendline border has been used as support multiple times.

The market has broken through the resistance zone at 115.40. The price has tested the border of the ascending triangle for the third time. The Moving Averages guided the bulls into the supply zone at 115.400. The triangle border was struck on the 4th of January with a large bullish candle.

USDJPY Short Term Trend: Bearish

A bearish candle followed the large bullish candle that struck the border of the ascending triangle. The market is currently retracing. On the four-hour chart, the retracement has formed a reversal pattern. The RSI (Relative Strength Index) has shown that the market is currently overbought. The market is therefore expected to drop into the 115.400 zone to find support in the former supply zone.

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