Market Analysis: September 29
USDJPY’s uptrend is paused by the resistance level at 145.100. The bullish market has experienced a series of corrections and expansions all through the year. The market is sparing within an expanding channel on the daily time frame.
USDJPY Major Zones
Resistance Zones: 145.100, 139.490
Support Zones: 130.860, 125.730
USDJPY Long-Term Trend: Bullish
USDJPY uptrend is evident with the majority of the daily candles closing above the Moving Averages (period nine and twenty-one) all through the year. The market experienced a correction during May. The closing price of the month was lower than the opening price, hence the month was bearish. The daily candles fell below the Moving Averages (period nine and twenty-one). The retracement formed a bullish flag.
The second phase of correction occurred during August. The market dipped into a discount on the bullish swing from May. The correction led the market to the oversold region like May. This eventually prompted a bullish breakout from a symmetrical triangle.
USDJPY Short-Term Trend: Bullish
USDJPY’s uptrend is currently facing resistance at the 145.100 resistance level. The bulls have struggled to push through the zone since early September. USD is currently showing no signs to give up. The resistance zone is therefore likely to giveaway soon for a bullish breakout.
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