USDJPY Sustains Above 109.00 Support Level – Will Strike Higher?


USDJPY bears have regained momentum, but still holding the bullish trend over 109.00 to 109.20 area. USDJPY sustains above 109.00 significant support level. Will the price strikes 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 8, 2021, | AtoZ Markets – USDJPY is currently trading around 109.40 area and trying to recover upside. After rejecting the rising wedge resistance, the bears pushed the price downside quite impulsively and reached 109.20 to 109.00 support level. As per the current price action context, the price may face strong support at the rising wedge on the intraday chart in the coming days.

USDJPY Sustains Above as the Bulls Are Still Optimistic

USDJPY is currently residing near 109.40 area and trying to push upside. However, the dynamic level of 20 EMA is still holding the price as strong support on the daily chart.

USDJPY Sustains

Image: USDJPY 4 Hour Chart

According to the 4-hour chart, USDJPY sustains above and currently trading around 109.40 area. As per the current price action, if the price can have an impulsive bullish candle close over the dynamic level of 20 EMA, the bulls may regain momentum and push the price upward towards 110.20 to 110.40 area again in the coming days.

In addition, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance in the process. However, the bulls may regain momentum if the price can break above the dynamic level in the days ahead. Moreover, the Stochastic Oscillator lines are currently residing above the oversold level 20 and had a bullish crossover. It indicates that the bulls may regain momentum in the days ahead.

USDJPY May Continue the Bullish Trend

According to the daily chart, USDJPY sustains above as the overall bias is still bullish. As per the current scenario, if the price can have an impulsive daily bullish candle close above 109.00 to 109.20 support level, the bulls may continue the bullish trend towards 110.70 to 111.00 key resistance area in the coming days. On the contrary, if the price can break below 109.20 to 109.00 support level with an impulsive bearish candle close, the bears may push the price downside towards 107.80 to 107.50 area in the process.

USDJPY Sustains

Image: USDJPY Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing near the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may work as strong support if the price can have an impulsive daily bullish candle close above it. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead. However, the bears may continue lower if the price can have an impulsive daily bearish candle close below it.

To conclude, as long as the price residing over 109.00 to 109.20 support level, the basis will remain bullish. An impulsive daily close will help to identify the definite momentum in the coming days. 

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