- USD/JPY has been heading bullish on the H4 chart.
- Simple Moving Average 30 has been working as support.
- The H1 chart is having consolidation.
- Intraday minor charts have been choppy.
USD/JPY- Technical Analysis-H4 Chart
The chart shows that the price has been heading towards the North for some weeks. The simple moving average 30 has been working as a support. The price, on several occasions, made bearish corrections and found its support at the SMA 30. At the last bounce, it produced a bullish inside bar. However, the buyers pushed the price towards the North. On its way, it made a breakout at the last swing high at 149.700. The buyers may keep their eyes on the pair to go long from the value areas. The price may find its next resistance around 150.700.
On the downside, the sellers must wait for the chart to make a strong bearish move or produce a bearish reversal pattern at the resistance zone to look for short opportunities. As things stand with the pair, it may take time. Thus, sellers are to be very patient with this pair.
Price Action Analysis- H1 Chart
The chart shows that the price has been having consolidation within 149.700-149.880. As of writing, the pair trades around the resistance. Intraday minor charts may look to go short from there. However, 149.700 may hold the price as a support. The buyers may keep their eyes on the pair to go long upon having bullish reversal pattern at the consolidation support. The price may make a new higher high and find its resistance around 150.350.
The H4 chart looks extremely good for the buyers. The H1 chart seems to be taking some time to get bullish again. Thus, we may see that the bull continue its domination. As things look with the pair, the bear may not come into the territory soon.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn