USDJPY Analysis: Range Bound Price Action and Bullish Bias
Conclusion for today’s USD JPY technical analysis: Range bound movement of the USDJPY is confirmed and current bias is to the upper boundary of the range.
USDJPY analysis for today is examined on the Daily Timeframe with over 2 years of price action displayed using candlesticks.
The dotted blue lines plotted indicate the bearish trendline in the USDJPY since January of 2017, while the horizontal green lines indicate the range bound environment for the FX pair since May of 2017.
The most recent test of the lower boundary on August 26, 2019 helped confirm the sideways range of the USDJPY and therefore suggests price returning to test the upper region of the range at ~ 114.385.The other chart pattern that can be considered in the case of the USDJPY is a descending triangle if the bearish trendline is combined with the lower boundary of the range at ~104.697.
Both 200 and 50 moving average present a negative slope which suggests watching for a possible sell off. Price action closing last week between both moving averages therefore requires patience to see if a move above the 200 moving average does occur or a break back below the 50.
A move back above the 200 moving average combined with a turn in the slope of both moving averages upwards would argue for higher prices ahead (bullish bias). Lack of a break above the 200 moving average that is instead followed by a close below ~105.877 will present a challenge for the bullish analysis above for the USDJPY.
USDJPY analysis for today is examined on the Daily Timeframe with over 2 years of price action displayed using candlesticks.
The dotted blue lines plotted indicate the bearish trendline in the USDJPY since January of 2017, while the horizontal green lines indicate the range bound environment for the FX pair since May of 2017.
The most recent test of the lower boundary on August 26, 2019 helped confirm the sideways range of the USDJPY and therefore suggests price returning to test the upper region of the range at ~ 114.385.The other chart pattern that can be considered in the case of the USDJPY is a descending triangle if the bearish trendline is combined with the lower boundary of the range at ~104.697.
Both 200 and 50 moving average present a negative slope which suggests watching for a possible sell off. Price action closing last week between both moving averages therefore requires patience to see if a move above the 200 moving average does occur or a break back below the 50.
A move back above the 200 moving average combined with a turn in the slope of both moving averages upwards would argue for higher prices ahead (bullish bias). Lack of a break above the 200 moving average that is instead followed by a close below ~105.877 will present a challenge for the bullish analysis above for the USDJPY.
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