USDJPY Weekly Support Halts Market Fall To Promote Bullish Agenda

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USDJPY Price Analysis – August 12

USDJPY weekly support halted the price drop and tugged it upward in support of the ongoing bullish campaign. The market has been in an uptrend along a parallel channel since the beginning of the year. Some points of weakness have allowed space for bears to step in to disrupt the bullish flow. The 108.900 weekly support has been a mainstay in helping the market continue this bullish agenda, and it has stepped in once again to make up for the weakness in the market.

USDJPY Key Levels

Resistance Levels: 110.80, 111.650, 113.00
Support Levels: 109.770, 108.900, 108.600

USDJPY Long Term Trend: Bullish

The failure of the market to subdue 111.650 led to a strong fall on the 5th of April 2021. The slump in price initially breached the weekly support, but its bounce off 107.840 helped the weekly support to make up for the initial lapse. From there, price undulated upwards just below the centerline of the uptrend channel. This went on for 45 trading days until USDJPY tried to break above the centerline. Its failure again here allowed the bears to step in and plummet the market.

Another strong fall in price followed, which breached the 110.800 and the 109.770 support levels. The lower border of the channel repelled the market from falling, but it gave way at the second time of asking. USDJPY thereafter fell out of the ascending parallel channel. The 108.900 weekly support zone stood strong for the bulls and forced the market back upwards into the channel. The Relative Strength Index indicator at 54 shows that price still has space to move up.

USDJPY Short Term Trend: Bearish Retracement

The pattern of the market movement, which includes the drop and the recovery from the fall, has forged the market into a potential slanting inverted head and shoulder formation. This is a price reversal formation that works well in favor of buyers. Having bounced off the 108.900 weekly support, the market has met resistance at 110.800, which is leading to another drop.

This drop, however, is but a retracement to the lower border of the channel that will lead to the completion of the head and shoulder formation. This is predicted to shoot USDJPY back upwards above the 110.800 resistance towards 111.650 where more bullish action is expected.

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