USDJPY Is Set to Continue Downtrend Movement - Market Analysis
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USDJPY Is Set to Continue Downtrend Movement Following a Retest Around 110.780

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

USDJPY Price Analysis – August 26

USDJPY is set to continue its downtrend movement following the change in market shift. The downtrend movement began when the bull began to lose power. The market then began to descend, making new lower lows. Price established a new lower low at the 109.140 support level, breaking previous lows. This demonstrates that the bears are gaining momentum as the downtrend continues and key levels are being retested.


USDJPY Significant Zone

Resistance Levels: 110.780, 110.080
Support Levels: 109.390, 109.140

USDJPY is set USDJPY Long Term Trends: Bearish

The USDJPY is poised to break through the trend line and make new lower highs. This implies that the price will also break through the major key level of 110.080 resistance and may even go beyond 110.780 resistance. The market has also been trading in consolidation between the key levels of 110.780 resistance and 109.140 support. Price retested these levels several times before finally breaking through the trend line.

The MACD (Moving Average Convergence and Divergence) indicator on the daily chart is about to turn bullish as it approaches the 0.00 level. This indicates that there is a new change in momentum as the price is set to rise above the resistance key levels. The USDJPY will then make new lower highs, either breaking out of the ranges or retesting key levels.

USDJPY is set USDJPY Short Term Trends: Bullish

The price trend on the 4-hour chart is about to break the trend line and is set to retest it before continuing. The RSI (Relative Strength Index) is below 70.00, indicating a bearish trend as the price prepares to retest it. Following that, momentum will build to make lower highs.
The MACD, on the other hand, indicates bullish momentum. This implies that the market structure is changing, as a new lower high is about to form. Price will then rise slightly to set a new high before the downtrend resumes.

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