USDJPY Is Retracing to Its Former Supply Zone to Find Support
Login

USDJPY Is Retracing to Its Former Supply Zone to Find Support

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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 Is Retracing to Its Former Supply Zone to Find Support 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 Is Retracing to Its Former Supply Zone to Find Support 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.

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
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
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.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News