USDJPY Price Trend Continues to Glide Upward

USDJPY Analysis – April 21

USDJPY price trend continues gliding upward due to its propulsion. The market structure has consistently withstood sellers’ threats, and they are therefore unwilling to give room for their display in the market. As a result of the price impulse in the market, the USDJPY is settled to continue bullish in the market. Traders should therefore keep an eye out for a significant market balance rebound.

USDJPY Key Levels:

Resistance Key Levels:127.670, 121.130
Support Key Levels: 118.230, 109.230

USDJPY Long Term Trend: Bullish

The bullish cycle has dealt a significant blow to the market. Having studied the sellers in the market, it continues to display bullish order flow. Following the price ascending channel inside the trend line of the market, the bullish appearance continued with a retest of the 118.230 significant point. Before the price broke through the trending channel on the daily chart, the Moving Average gestured a cross, which led to a breakout in the market.

As the bullish trend continues in the market, a retest in the price structure at the 121.130 critical level before the bullish continuation gave rise to more buyers’ appearance. The bulls are currently holding back at the 127.670 key level in the market. When the USDJPY eventually reacts to the structure, there will be a more bullish order flow in the market. The Moving Average cross keeps expanding as the bull pressure increases in the market on the daily chart.

USDJPY Short Term Trend: Bullish

The Stochastic Oscillator on the 4-hour chart is dropping as the bears are holding out for a pullback to the 127.670 significant level in the market. Therefore, the buyers are disposed to push further after the rebound in price tendency. As the momentum continues, the buying trend will continue to give rise to the market beyond the 127.670 key level.

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