Market NewsTechnical AnalysisUSD/JPY

USD/JPY: A Battle Between a Horizontal Support and SMA 30’s Resistance

  • USD/JPY trades around a horizontal support.
  • The pair trades below the simple moving average 30.
  • The H1 Chart looks bullish.
  • Intraday minor charts have been bullish in Tokyo Session.
USD/JPY H4 Chart
USD/JPY H4 Chart

USD/JPY- Technical Analysis-H4 Chart

The chart shows that the price has been traded around 148.280. It reacted at this level earlier. The chart produced a doji candle. As of writing, the pair is bullish. If it ends up producing a bullish engulfing candle, the buyers may push the price towards the North. However, the simple moving average 30 has been working as resistance here. Thus, the next move towards the upside on the H4 chart may not be a long one. A breakout above the SMA 30 may generate enough bullish momentum and push the price towards the North further. The price may find its resistance again around 150.000.

On the downside, if the price breaches 148.280, the sellers may look to go short in the pair. The price may find its support around 147.330.

USD/JPY H1 Chart
USD/JPY H1 Chart

Price Action Analysis-H1 Chart

The chart shows that the price had a strong bounce and produced a bullish engulfing candle. The next candle closed as gravestone doji followed by another bullish candle. The price action suggests that the price may head towards the North and find its resistance around 149.400. A breakout at the horizontal level 149.400 may generate more bullish momentum and push the price towards the North further.

On the contrary, if the price breaches 148.270, the sellers may look for short opportunities. The price may find its next support around 147.330.

Both charts show that 147.330 and 150.000 levels are significant. They may play a pivotal role to determine the pairs next trend on major charts. Before finding its trend on the major charts, it may get choppy within 147.330-150.00.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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