USDJPY Strikes Over 104.00 Psychological Event Level – What Next?


USDJPY has become impulsive and non-volatile after bouncing from 103.50 to 103.65 support area. USDJPY strikes over 104.00 psychological event level. What is next? Bulls to sustain the bullish pressure further in the days ahead. What are the charts and technical indicators are saying? Read more to find further insights into today’s USD/JPY Technical Analysis. 

January 19, 2021, | AtoZ Markets – USDJPY is currently trading around 104.00 area and trying to recover higher. After rejecting 104.40 to 104.30 resistance level, the bears pushed the price down quite impulsively, but failed to break below 103.65 to 103.50 support area. As per the current price action, the price may face strong resistance around 104.00 to 104.10 area in the coming days.

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USDJPY Strikes Over as the Bulls Are Still on the Market

USDJPY is currently residing near 104.00 area and trying to push upward. However, the price also broke above the dynamic level of 20 EMA on the intraday chart.

USDJPY Strikes Over

Image: USDJPY 4 Hour Chart

According to the 4-hour chart, USDJPY strikes over and currently trading around 104.00 area. As per the current price action, if the price can have an impulsive bullish candle close over 104.00 to 104.10 area, the bulls may recover higher towards 104.40 to 104.50 area in the coming days. Alternatively, if the price rejects 104.10 to 104.00 area with an impulsive bearish 4-hour candle close, the bears may regain momentum and decline towards 103.65 to 103.50 area in the process.

In addition, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price upside. Also, the MACD lines are currently residing near the 0.00 level and had a bullish crossover. It indicates that bulls may sustain the bullish pressure further in the days ahead.

USDJPY Indecisive Inside the Range

According to the daily chart, USDJPY strikes over as bulls are still optimistic. As per the current price action, if the price can have an impulsive daily bullish candle close above 104.00 to 104.10 area, the bulls may recover upside towards 104.70 to 104.80 area in the coming days. On the contrary, if the price rejects 104.10 to 104.00 area and had an impulsive bearish daily candle close below 103.65 to 103.50 support level, the bears may regain momentum and decline towards 102.70 to 102.60 area in the days ahead.

USDJPY Strikes Over

Image: USDJPY Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price upside. So, the bears may regain momentum if the price can break below the dynamic level in the process.

To conclude, as long as the price residing above 103.50 to 103.65 support area, the bias will remain bullish. An impulsive daily close is required to identify the definite momentum in the coming days. 

 

 

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