USDJPY Analysis – Price Is Set to Move up Above the 111.500 Significant Price Level
USDJPY is set to move up above key levels as it continues its bullish market. The price is seen reacting at this level, and it is set to break beyond it. The bulls acquired strength by gaining momentum after a reversal at the 109.100 significant price level. The market rallied up after a large bullish engulfing candlestick overshadowed a bearish candle. The market, however, then breaks through the 111.500 significant price level before a pullback occurs. USDJPY is now set to move beyond the 111.500 significant price level.
Significant USDJPY Levels:
Resistance Levels: 111.500, 110.600 Support Levels: 110.00, 109.100
USDJPY Long Term Trend: Bullish
USDJPY has been in the consolidation phase between the significance levels of 110.600 and 109.100 significant price levels. The bulls and the bears were struggling for market strength. The accumulation started from mid-July to mid-October before a bullish breakout finally occurred. The bulls then gained strength to move upward, breaking through several significant price levels.
After a strong bullish engulfing candle, the market is now set to gain more bullish momentum, breaking beyond the 111.500 significant price level. On the daily chart, the MACD (Moving Average Convergence and Divergence) shows the signal line above the 0.00 level, and the green histogram continues to gain more momentum. This indicates that the market is still in a bullish state. The price is assumed to rally above the 111.500 significant key level.
USDJPY Short Term Trend: Bullish
On the 4-hour chart, the price is seen to be making a pullback after strong bullish momentum. The market is now set to continue its bullish trend after the definite retest. The Bollinger Band indicator shows the candlesticks bouncing off the middle band as the market is set to rally upward. The MACD indicator still displays a price signal above the 0.00 level as the bulls start to gather momentum. USDJPY is, however, set to move up above the 111.500 significant level to continue its bullish movement.
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