USD/JPY: Another Move for the Bull?

• USD/JPY has had a bounce at the SMA 30’s support.
• The pair seems to be heading towards the North.
• The H1 chart looks bullish trading around a massive resistance.
• Intraday minor charts had a strong rejection at yesterday’s high.

USD/JPY – Technical Analysis- H4 Chart

The chart shows that the price made a long bullish move by obeying the simple moving average 30. It found its resistance around 148.800 and made a bearish correction. The SMA 30 has come into play and held the price. It produced a bullish inside bar. Since then, it has been heading towards the North. As of writing, the chart shows that it has some space to travel towards the upside. Thus, buyers may be interested to go long in the pair and push it towards the swing high. A breakout above the level may generate more bullish momentum and push it towards the North further.

On the downside, if the price breaches the SMA 30, the sellers may wait for the price to confirm the breakout followed by a bearish reversal pattern to go short in the pair. The price may find its support around 146.000.

Price Action Analysis- H1 Chart

The chart shows that the price reacted at 147.650 several times. At the last bounce, it produced a bullish engulfing candle and headed towards the North with good momentum. As of writing, the pair has been on consolidation for some hours. A bullish reversal signal may push the price towards the level of 148.800.

A breakout above may push the price towards the North. However, a bearish reversal pattern at the swing high may drive the price towards the 147.650 again. The sellers will be eagerly waiting to get a bearish breakout at the level to drive the price towards the South. The price may find its support around 146.300.

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

Contact and follow Tareq on Twitter: @tareqfpn