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USDJPY is looking forward to a bullish ride after several accumulations at a significant price level of 113.400. Market accumulation proceeded due to price action seeking to give both the buyers and sellers their positions in the market. Furthermore, as the buyers are always looking forward to pushing the price upward, the bears try to hold positions by accumulating at a significant price level before distribution occurs.
USDJPY Price Levels
Resistance Key Level: 113.409, 112.200
Support Key Level: 110.800, 109.100
USDJPY Long Term Trend: Bullish
As a result of the price increase, the USDJPY is projected to sustain its bullish ride. After a period of price accumulation between the significant price levels of 110.800 and 109.100, the market bulls took control. However, the more the accumulation, the more the market will finally allocate in a particular manner. After a protracted period of consolidation, the price was finally dispersed, and the bulls took control. The buyers then ride for a little longer, breaking over the significant price mark of 110.800, which they then retested before continuing.
The USDJPY gathered steam and eventually broke past the 113.400 significant price mark. This level, however, has been retested, and the price is thought to be accumulating at this extremely important level. As the momentum builds, pricing is expected to take a stronger positive turn. The Momentum indicator shows price movement diminishing, which indicates the price movement accumulation level.
USDJPY Long Term Trend: Bullish
On the 4-hour chart, the market has gained enough momentum to rally the price upward. However, above the 113.400 price level, the bulls and the bears are still holding on to their positions. The price is expected to move above this accumulation phase and bounce up. The Parabolic SAR (Stop and Reverse) shows price movement in range as both bulls and bears are holding their positions. USDJPY is therefore looking forward to a bullish ride when the momentum increases.
Source: https://learn2.trade
