Market NewsTechnical AnalysisUSD/JPY

USD/JPY: Time for a Double Top or Continuation?

USDJPY BoJ Bond Market
  • USD/JPY has been bullish trading around the swing high.
  • The pair has found its support at 148.900, a flipped level of support.
  • The H1 chart looks bullish trading around yesterday’s high.
  • Intraday minor charts have been bullish.
USD/JPY H4 Chart
USD/JPY H4 Chart

USD/JPY – Technical Analysis- H4 Chart

The chart shows that after making a commanding breakout at the Simple Moving Average 30, it continued its bullish journey with one more candle. Then, it consolidated for a while and made a long bearish correction. It has found its support at the SMA 30 and made a strong bullish move. The level of 149.550 worked as a resistance. The price had a rejection and made another bearish correction. This time it has found its support at 148.900, a flipped level, where the price reacted several times.

As of writing, the pair trades around the resistance. A bullish breakout may push the price towards the North further.

On the other hand, if the level produces a bearish reversal pattern such as double top, the sellers may wait for the price to breach the level of 149.550 to go short in the pair. The price may find its support around 147.800.

USD/JPY H1 Chart
USD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price had a bounce at 148.900 and produced a bullish engulfing candle. It then headed towards the upside with good momentum. The level of 149.520 has been working as a resistance. A bullish breakout at the level may push the price towards the North. The price may find its resistance around 150.000.

On the other hand, if the price gets bearish at the resistance level, it may head towards the level of 148.900.

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

Contact and follow Tareq on Twitter: @tareqfpn

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