USDJPY price solidifies to create more bullish awareness above the 117.690 significant level in the market. After a touchdown at the 113.410 price zone, the bullish inclination is set to resume. The buyers and sellers were involved in price manipulation before the price eventually broke through the 17.690 significant points in the market. The price expectations above this level should be in bullish favour because they are willing to push every order higher in the market.
USDJPY Market Levels
Resistance Levels: 117.690, 113.410 Support Levels: 110.750, 109.090
USDJPY Long Term Trend: Bullish
USDJPY first experienced price accumulation between the significant levels of 109.090 and 110.750 in September 2021. However, this indecision phase gave rise to a bullish expansion in the market. The price broke through the 110.750 level and eventually rebounded before moving up in the market. The price also gathered around the 113.410 critical level before shooting up.
The buyers tend to create more awareness in the USDJPY market as the price has broken through the 117.690 key zones. The bullish tension has risen as the price retested near the 117.690 key level, accompanied by a candlestick rejection. The price rejection implies sellers failed to penetrate back below the 117.690 key level in the market. The Moving Average indicator shows the crossing moving upward as the market increases bullish tension.
USDJPY Long Term Trend: Bullish
The 4-hour chart shows the price trend in bullish tension. The buyers took hold of the price action from the sell traders before the rallying price movement. However, the bullish is seen as price tension is on the increase. The stochastic oscillator still shows a buying region as the USDJPY bull creates more awareness in the market. As a result, the bullish tension is set to solidify in the market at a significant level.
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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.
