Market NewsTechnical AnalysisUSD/JPY

USD/JPY: Bear Moves amid Bull’s Territory

  • USD/JPY is having a bearish correction.
  • The pair trades around a horizontal support.
  • The H1 chart looks bullish.
  • Intraday price action has been bullish.
USD/JPY H4 Chart
USD/JPY H4 Chart

USD/JPY- Technical Chart-H4 Chart

The pair made a bullish move by producing an ABC pattern. On its way, it made a bullish breakout at the simple moving average 30 and consolidated around it for a while. It then moved towards the North and had a rejection around 147.950. Since then it has been having a bearish correction. The buyers may wait for the price to produce a bullish reversal pattern at the SMA 30 to go long in the pair. The price may find its next resistance around 148.700.

On the downside, if the price makes a bearish breakout at the SMA 30, the sellers may wait for the price to make a breakout confirmation followed by a bearish reversal pattern at the SMA 30 to go short in the pair. The price may find its next support around 146.650.

USD/JPY H1 Chart
USD/JPY H1 Chart

Price Action Analysis-H1 Chart

The chart shows that it has been bullish for quite a long period. It had a rejection around 147.940 and made a bearish correction. The price seems to have found its support around 147.550. As of writing, it has been heading towards the North again. However, the sellers may keep their eyes on the pair to go short upon having a bearish reversal pattern at the last swing high. The price may find its support at 147.550. In case of a bearish breakout at today’s low, it may head towards the South further and find its support around 147.150.

On the upside, if the price makes a bullish breakout at 147.940, the buyers may add their positions and push the price towards the North. The price may find its next resistance around 148.400.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Fidelcrest video review

Play Video

Related Articles

A Closer Look at Trends in Global Stock Markets

Global indices like Nikkei 225, FTSE 100, and DAX 40 hit record...

Surging Markets: A Week of Record Highs and Key Risk Events Ahead

Last week's record highs in US stock markets driven by tech and...

AUD/USD in Focus: Resistance Levels and Inflation Data Awaited

The Aussie dollar faces resistance against the US dollar ahead of key...

USD/CHF: Choppy Price Action on the H4

USD/CHF – Technical Analysis- H4 Chart The chart shows that the price...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Global Stock Markets
Market News

A Closer Look at Trends in Global Stock Markets

Global indices like Nikkei 225, FTSE 100, and DAX 40 hit record highs but may consolidate amid economic uncertainties.

Surging Markets Week of Record Highs
Market News

Surging Markets: A Week of Record Highs and Key Risk Events Ahead

Last week's record highs in US stock markets driven by tech and AI stocks set a positive tone for investors.

Copyright © 2023 Forex Prop News. All Rights Reserved.