USDJPY Analysis – June 30
USDJPY pair is set to drop the price to the 134.690 key level before a bullish offshoot. The pair market is analyzed to be monopolizing on bullish sentiment. This is because the significant influence is being controlled by it. The price is currently above the 134,690 critical level. However, based on price formation, the sellers are settling down to retain this fundamental level before the bulls eventually take off.
USDJPY Price Zones:
Resistance Zones: 134.690, 130.720
Support Zones: 126.150, 121.170
USDJPY Long-Term Trend: Bullish
The bullish solidity has been very consistent on the USDJPY for a stretch. Before the bullish setup from the beginning of March, the price was gathered in consolidation before a breakout occurred. A long bullish setup becomes evident after a successful break even at the 121.170 key level. Despite the USDJPY retracement at the critical level of 121.170, the bullish trend continues.
The pressure on the USDJPY bullish market began to ease as it approached the key level of 130.720. There was a short pullback to the 126.150 critical zone. The buyers then picked up strength to fight back until the bullish trend rose above the 134.690 market zone. Above this key level, selling pressures are already acting on the USDJPY pair. Bullish growth is set in place after price retracement back to the 134.690 fundamental level on the daily chart.
USDJPY Short Term Trend: Bullish
The sellers are slipping the price downward back to the critical level of 134.690. Despite this, the Parabolic SAR (Stop and Reversal) indicator shows that buyers are still in control of the market despite sellers’ dropping back to the 134,690 key level.
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