FXOpen Trader
Well-known member
USDJPY Technical Analysis – 08th JAN, 2025
USDJPY – Bullish Harami Cross
USDJPY was unable to continue its bearish momentum and after touching a low of 157.74 the prices started to correct upwards against the United States Dollar today in the London Trading session.
We have seen Bullish Harami Cross formation in the 15-minutes timeframe.
The Resistance of channel is broken in the 1-hourly timeframe. The CCI indicator is overbought: over 100 in the 4-hourly timeframe.
We can see that after the bullish correction the prices are stagnating currently and meeting the resistance levels of 158.66 which is a Price 2 Standard Deviations Resistance.
We have also detected the formation of Bullish engulfing lines in the weekly timeframe.
Some of the technical indicators are now giving a Bearish to Neutral stance indicating the presence of the consolidation wave present into the markets.
The prices of USDJPY are ranging Near a new HIGH record (5 years) in the weekly timeframe.
USDJPY is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Yen Bullish reversal seen above the 157.74 mark.
• Short-term range appears to be Bullish.
• USDJPY continues to remain above the 158.40 levels.
• Average true range ATR is indicating Less market volatility.
The next resistance is located at 158.66 which is a Price 2 Standard Deviations Resistance.
USDJPY is now trading near to its Pivot levels of 158.35 and is moving into a Bullish channel.
The price of USDJPY remains above its Classic support levels of 158.12 and is now moving towards its next target of 159.21 which is a 14 Day RSI at 70%.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.
USDJPY – Bullish Harami Cross
USDJPY was unable to continue its bearish momentum and after touching a low of 157.74 the prices started to correct upwards against the United States Dollar today in the London Trading session.
We have seen Bullish Harami Cross formation in the 15-minutes timeframe.
The Resistance of channel is broken in the 1-hourly timeframe. The CCI indicator is overbought: over 100 in the 4-hourly timeframe.
We can see that after the bullish correction the prices are stagnating currently and meeting the resistance levels of 158.66 which is a Price 2 Standard Deviations Resistance.
We have also detected the formation of Bullish engulfing lines in the weekly timeframe.
Some of the technical indicators are now giving a Bearish to Neutral stance indicating the presence of the consolidation wave present into the markets.
The prices of USDJPY are ranging Near a new HIGH record (5 years) in the weekly timeframe.
USDJPY is now trading below its 100-hour SMA and its 200-hour SMA simple moving averages.
• Yen Bullish reversal seen above the 157.74 mark.
• Short-term range appears to be Bullish.
• USDJPY continues to remain above the 158.40 levels.
• Average true range ATR is indicating Less market volatility.
The next resistance is located at 158.66 which is a Price 2 Standard Deviations Resistance.
USDJPY is now trading near to its Pivot levels of 158.35 and is moving into a Bullish channel.
The price of USDJPY remains above its Classic support levels of 158.12 and is now moving towards its next target of 159.21 which is a 14 Day RSI at 70%.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.
