USDJPY Is Set to Move up Above Significant Key Level

7 October 2021 | Updated: 7 October 2021

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 is set to moveUSDJPY 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 is set to move 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.

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
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.