USDJPY Rally Continues as It Gains More Bullish Momentum

USDJPY Analysis – Price Continues to Rally Upward as Momentum Increases

USDJPY rally continues as the bullish momentum increases. The buyers gained this position after a bullish engulfing candle near the 109.100 significant key level. The bulls then increased the pressure, and the market continues to rally upward. The price is, however, set to reach a new high before any reversal can occur. As the momentum increases, several price levels were broken. USDJPY will therefore set a new high before the bears set in.

USDJPY Significant Levels:

Resistance Level: 111.200, 110.500
Support Level: 109.700, 109.100

USDJPY Long Term Trend: Bullish

USDJPY begins with an upward movement before entering a consolidation phase. As buyers began to migrate upward, sellers fought to keep price levels stable. As the bearish candle eclipsed the bullish high, the market started a bearish trend. However, the price entered a consolidation zone. As a result, the USDJPY continues to hold between the major key levels of 110.59 and 109.100.

The bulls took control of the market as prices continued to retest these levels. The price, on the other hand, continues to rise as the momentum builds. More levels of resistance and support are being breached. The MACD (Moving Average Convergence and Divergence) histogram on the daily chart continues to rise as the bulls gain pace. When the market reaches a low point, the price will begin to fall. As the bulls maintain control of the market, the moving average crosses upward.

USDJPY Short Term Trend: Bullish

On the 4hour chart, the price first begins to move in a downtrend before the buyers set in. The market starts to make higher lows and highs, breaking various significant key levels. A bearish trend will therefore set in after the bullish ride is over. The MACD histogram continues to increase, and the bulls keep adding more pressure to the market. The moving average is also acting as a support line as the market continues to rally upward. USDJPY will therefore continue its bullish ride before the bears finally set in.

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