USD/JPY: Choppy Price Action on the H4

• USD/JPY has been choppy on the H4 chart.
• The SMA 30 and 149.950 level may play a significant role to determine its next route.
• The H1 chart looks bullish after a long consolidation.
• Intraday minor charts have been bullish.

USD/JPY – Technical Analysis- H4 Chart

The chart shows that the price has been roaming around the simple moving average 30 for a while. It made a bearish breakout and then made a bullish correction upon having its support at 149.950. As of writing, the pair trades around the SMA 30. The sellers may wait for the chart to produce a bearish reversal signal followed by a breakout at 149.950 to go short in the pair. The price may find its next support around 148.700.

On the contrary, the horizontal level has been working as a strong support. The price has bounced twice at the level. Thus, the buyers may consider it as a double bottom if the price breaches 150.650. If the pair ends up making a breakout at the neckline, the pair may get bullish again and continue its move by making a new high.

Price Action Analysis- H1 Chart

The chart shows that the price gets caught within a range. The level of 149.950 has been working as a support and the level of 150.620 has been working as a resistance. The price consolidated at the support for a while. Then, it has been heading towards the North. It may find its resistance around 150.620 again. The buyers will be eyeing to go long above the resistance and push it towards the swing high. On the other hand, the sellers will be waiting for the chart to produce a bearish reversal pattern at the resistance to go short in the pair. It may find its support around 149.950.

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

Contact and follow Tareq on Twitter: @tareqfpn