USDJPY Strikes Over 109.50 Resistance Area – Will Recover Further?


USDJPY bulls have regained momentum after breaking over 109.00 to 109.10 significant area. USDJPY strikes over 109.50 psychological resistance level. Will the price recover further higher in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s USD/JPY Technical Analysis.

June 1, 2021, | AtoZ Markets – USDJPY is currently trading around 109.60 area and trying to push upside. After breaking above 109.00 to 109.10 area, the bulls pushed the price upward impulsively and hit April 2021’s high. However, the bulls failed to hold the momentum above 110.10 to 110.20 area and dropped to 109.70 to 109.50 area again. As per the current price action, the price may face strong support around 109.50 to 109.70 area in the coming days.

USDJPY Strikes Over as the Bulls Are Still Residing on the Market

USDJPY is currently residing near 109.60 area and trying to push higher. However, the price also broke over the dynamic level of 20 EMA on the intraday chart.

USDJPY Strikes

Image: USDJPY 4 Hour Chart 

According to the 4-hour chart, USDJPY strikes over and currently trading around 109.60 area. As per the current scenario, if the price can have an impulsive bullish candle close above 109.50 to 109.70 area, the bulls may regain momentum and push the price upside towards 110.10 to 110.20 area in the coming days. On the contrary, if the price pushed lower and had a 4-hour bearish candle close below 109.70 to 109.50 area, the bears may push the price down towards 109.10 to 109.00 area in the process.

In addition, the dynamic level of 20 EMA is currently residing near the price. Along with the Bollinger Bands middle band. So, the bulls may regain momentum if the price can have an impulsive bullish candle close above the dynamic level and the Bollinger Bands middle band in the days ahead. Alternatively, the bears may continue lower if the price can have a bearish candle close below the dynamic level and the Bollinger Bands middle band in the process.

USDJPY May Continue the Bullish Bias

According to the daily chart, USDJPY strikes over as the bulls are optimistic. As per the current price action context, if the price can have an impulsive daily bullish candle close above 109.50 to 109.70 area, the bulls may sustain the bullish trend towards 110.10 to 110.20 area as a first target. The second target will be 110.80 to 111.00 key area if the price can break above 110.10 to 110.20 resistance area in the coming days.

USDJPY Strikes

Image: USDJPY Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as a strong support to push the price upward. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. Moreover, the price also broke above the Kumo Cloud, which indicates that the bulls may continue the bullish trend further in the day ahead.

To conclude, as the price broke above the Kumo Cloud with an impulsive daily bullish candle, there is a high chance that USDJPY may continue further higher in the coming days. 

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