USDJPY

For sometime now we’ve seen the USDJPY resume its bullish trade. We last saw price find Resistance at level 110.965 . Before retracing for some weeks and finding support at level 107.526. Now price trades above support level 109.50 thus resuming its bullish trend . We last spoke about the pair in march. This was when it resumed it bullish price action from a long term bearish consolidation. The link below can be used as reference https://fxsits.com/the-usdjpy-pair-to-resume-bullish-run7the .

USDJPY H4 Chart 3 May 2021
USDJPY H4 Chart 3 May 2021

If price manages to hold above level 109.506 , then we could see level 110.965 being exposed. If the USDJPY resume its bullish price action we may possibly break towards new levels. How ever if price retraces and closes below price level 109.506 on the daily timeframe. Then level 108.888 could possibly be exposed. If it breaks bearish then it may test may the support level 107.526.

The dollar has been strong from all its G10 pairs. The USDJPY formation has a long term bullish trend still in play and we still hold a strong prediction of the pair moving bullish in the upcoming weeks and market sessions. We believe patience and waiting for the right entries would help result in profitable trades .In the post are both the daily chart and H4 chart to help get a proper technical understanding of the market.

USDJPY Daily Chart 3 May 2021
USDJPY Daily Chart 3 May 2021

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets

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