USDJPY Wages for Market Strength in Consolidation

USDJPY Analysis – Price Wages for Strength by Consolidating at the 113.400 Significant Level

USDJPY wages for market strength despite consolidating at the 113.400 significant level. Multiple pushes into the consolidation zone were made by both the bulls and the bears. However, none of them have been able to cause a meaningful market change. The market continues to range or move sideways. If the bulls eventually seize control of the market, it will be because the market is in a wide upswing and the price is striving to accumulate before distribution.

USDJPY Significant Levels:

Resistance Levels:113.400, 112.000
Support Levels: 110.900, 109.100

USDJPY Long Term Trend: Ranging

If the bears do take over, it will be because the price wishes to keep the consolidation level. This implies that the price will fall to retest the crucial milestone of 113.400. In the previous trading pattern, USDJPY was seen stabilizing between crucial levels of 110.900 and 109.100 before breaking through. The bears retested the 110.900 level before rallying with bullish force. As a consequence, the price breaks through the important levels of 112.00 and 113.400.

If the bullish tendency persists, the price will eventually stop accumulating at the 113.400 significant price level. Therefore, we will anticipate price direction following an upward trend. The market, on the other hand, wages for strength as bulls and bears compete for a price position in the market. The Moving average crossing shows candlesticks reacting to it as the market wants to assume bullish strength. The momentum is also increasing in strength as it is set to rise above the 0.00 level.

USDJPY Short Term Trend: Bearish

The price breaks through the 113.400 important price barrier on the 4hour chart, and a series of extended consolidations ensures. This critical level is being retested by the market. The bulls still want the price to rise, but the bears, who haven’t been forgotten, will try to fight the bulls. As a result, the consolidation process may advance. When the bears take over at this level, the price will ultimately come down to the 113.400 significant level before bullish continuation proceeds as both wages for strength.

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