USDJPY has been in a consistent uptrend since forming support at around the 112.760 level. The price has tested the 113.463 confluence area multiple times, usually rising from this point. The price has now formed support above this zone and is looking to retest the 114 area and beyond. The RSI levels on the 1hr chart are oversold at 8.32, on the daily time frame the RSI levels are rising from oversold territories which gives an indication that price will rise from here. The 4hr candle that has just emerged is showing a lot of buying pressure which adds validity to this long idea.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.