USDJPY Remains Intent on Keeping a High Price Level

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USDJPY Price Analysis – December 16

USDJPY remains intent on keeping a high price level above 112.780. This can be seen as the market has fended off the latest price drop at the same price level. This is despite the volatility at which the price dropped. The falling momentum was tempered at the 112.780 support, which led to a few days of price accumulation. The market has gradually lifted off the price line and climbed to the next key level at 113.400. A retest back to this level is lifting the price further.


USDJPY Significant Levels

Resistance Levels: 115.420, 114.420
Support Levels: 113.400, 112.780

USDJPY Remains Intent on Keeping a High Price LevelUSDJPY Long Term Trend: Bullish

USDJPY’s bullish intent began when the price broke out of a long period of consolidation to reach a higher level. The market pulled back for a retest as it reached 111.930. This drove the price higher, helping it remain on course for higher levels. Eventually, after breaching several key levels, the market took a breather just below the 114.420 resistance level. But at the same time, USDJPY maintained itself just above 113.400. Sellers pressured the price to fall to the next lower price level at 112.780, but the buyers used it as a rebound to continue its bullish endeavor.

Sellers halted the market’s upsurge sharply at the 115.420 resistance and used a bearish engulfment candlestick formation to sink the market back to 112.780. USDJPY, however, remains bullish-oriented and was able to stem the bearish tide and upturn it back upwards, even, with decreasing market volatility. The MACD (Moving Average Convergence Divergence) is showing a sharp curve to demonstrate a redirection back upwards despite the plunging volatility line on the (ATR) Average True Range indicator.

USDJPY Remains Intent on Keeping a High Price LevelUSDJPY Short Term Trend: Bullish

The 4-hour chart shows a clear divergence between the MACD lines pushing upwards and the ATR signal line plunging downwards. The market is having a belabored movement upwards as the buyers strive to maintain their bearish intent despite much bearish pressure. The market would rise to reach 114.420, where the price could drop again due to reduced volatility.

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Azeez Mustapha

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.