Market NewsTechnical Analysis

USD/JPY: Does Bull Continue or Produce a Double Top?

  • Stays above SMA 30 in the H4 chart
  • The price is heading  towards a strong resistance
  • The H1 chart shows strong bullish momentum
USD/JPY-H4 Chart

USD/JPY-H4 Chart

USD/JPY- Approaching Massive Resistance

USD/JPY has been heading towards the upside in the H4 chart from the last week. The pair made a good bullish move to start a fresh week, which signifies that the buyers are still confident to push the price towards the North. The price stays above Simple Moving Average 30. Thus, the buyers may look to go long from the value areas. However, the pair is not too far away from strong resistance at 143.700. The price had a rejection at that level last week. Thus, it may find its resistance again and consolidate around this level. The buyers may wait for the price to make a breakout at the level to go long upon having breakout confirmation to push the price towards the upside.

USD/JPY-H1 Chart

USD/JPY-H1 Chart

The H1 Chart Favors the Bull

The pair found its support around 141.500 and made a good bullish move Monday. It seems to have been obeying a bullish trend line as well. On its way, it made a breakout at 142.935, where the price had rejections a number of times. Thus, the buyers may wait for the price to make a correction and produce a bullish reversal pattern around this level. Since the last week’s high is at 143.700, the price may find a strong resistance there.

Considering these two charts, the Bull may make another move. However, traders are to keep their eyes on whether it makes a bullish breakout at the last week’s higher high or it produces a Double Top.

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

Contact and follow Tareq on Twitter: @tareqfpn

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