USDJPY Sellers Are Determined To Recover The Price To The 126.900 Level

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USDJPY Analysis – May 19

USDJPY sellers are determined to recover the price to the 126.900 key zone as a consequence of bullish displacement on the pair. The selling opportunity seeks to correct the USDJPY value despite its being in a bullish saga. Above the 126.900 resistance level, the buyers have been affirming the price tendency to mobilize forward. But when the value eventually rose above the 128.720 significant zone, the sellers rebounded to the upper band of the Bollinger indicator. The upper band, therefore, shows the limit to which it can still hold price influence.

USDJPY Price Levels

Resistance Levels: 128.720, 126.190
Support Levels: 121.190, 108.860

USDJPY Long Term Trend: Bullish

However, the bullish prominence began after a small compression in the USDJPY market. The buyers simply mobilized price inclination into the trending channel. Furthermore, another squeeze was experienced inside the trend channel as a result of price accumulation. The Bollinger Band Indicator therefore clearly introduced a contraction, which gave rise to bullish momentum on the currency pair. The buyers continue to supply strength as more positions are being occupied.

The sellers seemed to recover following a breakthrough in the price above the 121.190 level. As the bullish wing increases, the band indicator will continue to widen. The price is now selling short on the daily chart. The selling prospect is determined to lower the value back to the 126.900 market level. The Stochastic Oscillator shows selling thickness back to 126.900 as close to the oversold area.

USDJPY Short Term Trend: Bearish

The price move in the USDJPY trend is to fill up the building positions created by the buyers. USDJPY is currently trending below 128.720 and is set to go lower to correct price influence. The Stochastic Oscillator on the 4hr chart time frame is already in the selling region as a result of bearish pressure. The value is therefore anticipated to drop down to the 126.900 key zone.

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