USDJPY has been in a bull run since long. Fundamentally, the federal reserve is anticipated to increase the interest rates to 50-75 basis points, which would trigger the USD pairs accross the board. We anticipate the market touching down the support level and then sharply increasing back towards our profit target, continuing the long bullish momentum. Market has formed the higher highs and higher lows and is a bullish trend throughout all the time frames. The support price is at 134. Once this is tapped, we will enter the buy positions.

The ascending trendline is not touching the pivot points and has broken out for sells. This breakout sell even if validated, still has the bullish structure on the pair. Until unless the bearish structure is formed, it will not continue moving bearish. 

At the support level, the golden retracement area is formed at the support level and is in confluence with the support. In an uptrend, this sort of confluence is a strong uphold for the markup.

Both the EMA 50 and EMA 200 in a bullish direction, with a bullish death cross. The EMA 50 is expected to retest at the support level after it was broken out for buys, earlier. EMA 200 is still below the current market prices, therefore, we will take the EMA 50 as the confluence point.

RSI is at 54 and CCI is at 45. Both of the oscillators are in a bullish zone, currently at the neutralized levels. The oscillators present a good opportunity in confluence with other technical factors and the neutralized levels, in order to continue moving up.

Be very carefuly with the fed interest rates tonight. 

USDJPY bullish run continuation

Jun 15 2022

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