Market NewsTechnical Analysis

USD/JPY: Bull’s Domination Continues. What Next?

  • USD/JPY has been heading towards the North.
  • The Simple Moving Average 30 has been a support on the H4 chart.
  • The H1 chart consolidates to find its next route.
  • Intraday minor charts have been bullish.
USD/JPY H4 Chart
USD/JPY H4 Chart

USD/JPY- Technical Analysis-H4 Chart

The pair has been heading towards the North on the H4 chart by producing a double bottom at the last bounce at 147.500. It made a bullish breakout at the neckline at 148.450. As of writing, the pair trades above the level. The buyers may wait for the price to come back at the breakout level and produce a bullish reversal pattern at the area to go long in the pair.

The simple moving average 30 has been working as a support on the H4 chart. The pair trades way above the SMA 30. This may make the pair have a long bearish correction.

However, if the price consolidates and produce a bullish reversal pattern, the buyers may go long above 149.000 and push the price towards the North further. The price may find its resistance around 148.600.

USD/JPY H1 Chart
USD/JPY H1 Chart

The chart shows that the pair made a strong bullish move and found its resistance around 148.420. It made a bearish correction and then headed towards the North again. The buyers pushed the price towards the upside after the breakout at 148.420. It then found its resistance around 149.000. The price is in consolidation within 149.000- 148.720. If the price makes a breakout at the last swing high, the buyers may push the price towards 149.500.

On the downside, if the level of 148.720 gets broken, intraday minor charts traders may drive the price towards the downside.

Considering, both charts the buyers are going to keep their keen eyes on the pair to look for short opportunities. Thus, the pair may make another move towards the North.

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

Contact and follow Tareq on Twitter: @tareqfpn

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