USDJPY Analysis – June 9
USDJPY price is still proactive in its bullish tendency despite a break over beyond the 131.260 key level. However, the stochastic indicator is drawing our attention to the overbought area, even though the price value is continually engaged in shooting the market influence higher in an upward direction. The signal line has now moved beyond the 100-point threshold. Does this imply that the bullish vigor has reached its limit and begun to decline? No, traders interested in shorting the market should prepare for a possible retest at the crucial level of 131.260 before the bulls eventually surge further.
USDJPY Significant Levels
Resistance Levels: 131.260, 126.220
Support Levels: 121.030, 109.250
USDJPY Long Term Trend: Bullish
The buying surge was analysed following the price swing into the trending channel. The buying activity began to drive the price forward inside the trend line. As USDJPY continued to consolidate before the bulls ascended, its trend upward continued. The Moving Average indicators of 20 and 15 gave a golden cross inside this trending channel. As a result of this, the bulls began to drive the price upward due to this cross.
USDJPY bursts through the channel to rally the market above the 121.030 key zone. The buyers were determined to value price tendency beyond that key level. The sell traders pulled the USDJPY buying stronghold back to 121.030, the critical level for a retest. What followed was a significant ride up to the key level of 126.220. The price is currently above 131.260, and the bulls are still interested in riding upward. However, buyers should anticipate a pullback before jumping into the rally on the daily chart.
USDJPY Short Term Trend: Bullish
The 4hr chart shows bullish strength in the Yen market. The price is currently in the overbought section. A rest back to 131.260 key level should be expected in the market. The sellers should also watch out for a golden cross before entering the pullback to the 131.260 market level.
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