USD/JPY: Has the Bull Had Enough? 151.700 is under Spot Light

• USD/JPY has been traded around at a weekly resistance.
• The simple moving average 30 has been its support.
• The H1 chart has been choppy.
• Intraday minor charts have been looking for a direction.

USD/JPY – Technical Analysis- H4 chart

The pair has been traded around 151.700. The H4 chart shows that the price had a massive rejection at this level earlier. Thus, traders are to be very watchful here before making any trading decisions. As of writing, the chart has produced several candles around the level but none of them came out as a decisive candle. The simple moving average 30 has been working as a support. The buyers may wait for the price to produce a bullish reversal pattern at the SMA 30 to go long in the pair above 151.900.

On the contrary, if the price breaches the SMA 30, the sellers may wait for the price to produce a bearish reversal pattern to go short in the pair. The price may find its support around 150.500.

Price Action Analysis- H1 Chart

The H1 chart shows that the price has been gradually moving towards the North. The level of 151.700 has been a significant level on this chart as well. The price found its support earlier. Thus, it may work as a flipped resistance zone here. The sellers may keep their eyes on the pair to go short upon having bearish reversal pattern. The price may find its support around 151.200.

On the other hand, a breakout above the last swing high, may push the price towards the North. In that case, the price may find its resistance around 152.000.

Considering both charts, it seems that the buyers are not sanguine to push the price towards the upside further. Thus, it may get bearish. However, the pair has been bullish for a long time, so the bear may take time to set its stage before making a move.

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

Contact and follow Tareq on Twitter: @tareqfpn