USDJPY Rallies Towards a Key Resistance Level

USDJPY Price Analysis – January 27

USDJPY rallies towards a key resistance zone as the 112.700 demand level defend further USDJPY retracement. The market broke out of consolidation in October of the previous year. The buying pressure shot the price to 111.950. The market retraced to 110.800. After two days of retracement, the market skyrocketed to 115.500. The bears stepped in to sink the price. The sudden bearish move was halted at 112.700.

USDJPY Major Market Zones

Resistance Zone: 116.300, 115.500, 111.960
Support Zone: 113.500 112.700 110.800

USDJPY Long term trend: Bullish

The market rallies beyond the previous resistance zone. The bulls got exhausted shortly after violating the 115.500 zone. The market retraced to 113.500 to gather more momentum to continue the bullish run. A very sharp rejection was spotted on the 14th of January. The market tested the zone for the second time on the 24th of January.

USDJPY Short term trend: Bullish

The market is experiencing a bullish run toward the previous resistance zone. The Moving Averages are soaring alongside the market’s move under the four-hour candles. The volatility in the bullish run is very high. This is seen with large consecutive bullish candles with little resistance from the bears.

The market is expected to touch the 115.500 level very soon. The bullish run on USDJPY is almost complete. The market is expected to pierce through the zone towards the 116.300 zone. A retracement is expected to follow after the 115.500 zone is passed. The retracement is expected to retest the 115.500 zone to gain more momentum to continue the bullish run.

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