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USD/JPY Price Analysis: Aiming for a Six-Year High of 125.10

Larissa Barlow

Apr 06, 2022 09:51

  • The asset has become unbalanced as a result of the Darvas box chart formation exploding.

  • The advance of the 20 and 50-period exponential moving averages indicates that the upside is still intact.

  • The RSI (14) is currently trading inside a positive range of 60.00-80.00.

 

The USD/JPY pair has shifted to an imbalanced state and is closing in on a new six-year high of 125.10, set on March 28 after auctioning in a narrow-range box. On Tuesday, the pair saw a bullish open rejection-reverse session, as the asset declined from its beginning price of 122.80. The major, on the other hand, faced hefty bids to around 122.38 as investors opted for a 'buy the dip' strategy.

 

On the hourly scale, the structure reflects a stronger breakout of a Darvas box chart pattern that is drawn in the region of 121.30-123.00. The Darvas box chart pattern explodes, resulting in an increase in volume and volatility.

 

The 20- and 50-period Exponential Moving Averages (EMAs) remain elevated at 123.35 and 123.00, respectively, indicating that the bullish bias remains intact.

 

Meanwhile, the Relative Strength Index (RSI) (14) has settled comfortably in a bullish range of 60.00-80.00, indicating further gains ahead.

 

If the round level resistance at 124.00 is breached, the asset will accelerate toward the six-year high at 125.10, followed by the one-year high at 125.86 on 1 June 2015.

 

On the other hand, if the yen falls below the 50-EMA at 123.00, bulls can take control of the asset. This will bring the stock back to its March 29 and 30 lows of 121.98 and 121.31, respectively.

Hourly chart of the USD/JPY

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