USDJPY Price Will Regain Bullish Strength Shortly After Bears’ Exposure

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USDJPY Price Analysis – April 7

USDJPY price will regain bullish strength shortly after bears’ exposure in the market. Over recent weeks, the bulls have been controlling the signature of price influence in the market. The buyers have been on alert to push the USDJPY market upward following a breakout in the trend channel. Since then, the market structure has settled on a bullish displacement as the bulls continue to influence the price.

USDJPY Significant Levels

Resistance Levels: 121.210, 118.300
Support Levels: 112.310, 108.720

USDJPY Long Term Trend: Bullish

The market first came face-to-face with a series of price consolidations. The USDJPY market experienced a quiet season from May 2021 to October 2021. The buyers lifted the price into an ascending trend channel. However, the USDJPY price continues to swing upward as the bullish sentiment continues in the market. Shortly after smashing over the trend line channel, the price broke through the 118.300 significant level.

However, a short retest is seen at the 118.300 key level before the bullish pressure continues in the market. The bullish rally eventually breaks through the 121.210 key level of the market, and the price continues to rise above it. However, above the 121.210 significant level, the bullish tension began to decrease due to the bears’ exposure. The market currently seeks a pullback to the 121.210 significant level. The daily chart shows the Relative Strength indicator price moment in an overbought region as the bears are set to take over.

USDJPY Short Term Trend: Bullish

The 4-hour chart of the market shows bears pulling back in the market. This must therefore take place before any bullish continuation in the market. The price has also rebounded from the upper band of the Bollinger indicator as the pullback commences back to the 121.210 key zone.

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