USDJPY- The Bulls Are In Control Eyeing More Gains

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Written By
Contributor Image
Written By
Tran Dai Phat
Tran Dai Phat, a Forex Educator at FXTM with a Bachelor's Degree in Investment, brings multiple years of financial market experience to the aid of aspiring traders everywhere. He conducts research on stocks, forex, and commodities, sharing his insights to empower traders and encourage the development of simple strategies for maximizing trading potential.

The Yen on the Daily Chart has been in an uptrend since 23 April 2021 when it registered the low price at 107.467, followed by a series of higher tops and higher bottoms.

On 4 June 2021, the Yen recorded the high price of 110.319.

Technical Analysis

When applying Oscillator Analysis to the price chart, one can see that price is trading above the SMA 60 period Moving Average line, a fact which confirms the Yen’s upward direction.

Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument.

Additionally, the Relative Strength Index (RSI) Oscillator registers values above the fifty line which indicates positive sentiment.

All three technical indicators are in agreement with regards to the upward bias of the pair.

Price Targets

Three price targets may be calculated upon applying the Fibonacci tool to the price chart.

  • The first price target is estimated at 110.785 (161.8%).
  • The second price target is seen at 111.691 (261.8%).
  • The third price target is projected at 113.157 (423.6%).

The Yen is currently trading above the uptrend line. The presence of the Long White Body hints at a potential rally to the upside. Of course, supply and demand as well as the crowd sentiment will determine the future course of Yen.

USDJPY Daily 4th June

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