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Technical Analysis – USDJPY’s pullback unable to hurt uptrend
February 8, 2021 9:26 amVideo
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USDJPY in the early hours of today’s trading session found footing on the mid-Bollinger band around 105.27, resuscitating the positive climb. The short-term oscillators are reflecting the latest rebound in price, while the rising simple moving averages (SMAs) are protecting the rally off 103.32.
Although the MACD has dipped below its red trigger line, it remains far above the zero mark, while the RSI is gradually improving in bullish territory. Furthermore, the positively charged stochastic oscillator is promoting extra gains in price, with the %K line’s rebound off the 20 level.
If the bulls maintain their current trajectory, profound resistance may commence from the section of highs from 105.64-105.80, which also encapsulates the upper Bollinger band, the near 4-month high of 105.76 and peaks over the October-November 2020 period. If this significant boundary should breakdown, buyers may propel the price to test another obstructing zone of 105.98-106.10. Overtaking this heavy border too, buyers may then push the pair as high as the 106.25 barrier from September 2018.
Otherwise, if upside efforts are curbed once again, sellers initial support could be established at the mid-Bollinger band around the 105.27 trough. Should the decline push lower from here, the limiting region of 105.09-105.17 could challenge the retreat. If a deeper retracement unfolds, the nearby 50-period SMA at 105.05 and the neighbouring 104.82-104.96 section underneath, which contains the lower Bollinger band, may attempt to terminate further loss of ground.
Summarizing, USDJPY is mostly skewed positive over the last month. Additionally, the sturdy upwards drive remains intact above the 105.27 trough and the SMAs.
The post Technical Analysis – USDJPY’s pullback unable to hurt uptrend first appeared on XM.
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