FX.co ★ Aliyan | USD/JPY

USDJPY: The USD/JPY pair hit the bottom of the falling channel on the H4 time frame chart in the morning. However, the price went up over the next few candles and reached the middle Bollinger band line in the last candle. The price fell in the last candle after being turned away from the middle Bollinger band line, and it is now getting close to the lower Bollinger band line. The price of the pair of currencies went up last week on the daily chart and touched the middle Bollinger band line. I thought it would even go above the middle Bollinger band line and test the top Bollinger band line this week because there were lots of buyers. The USD/JPY pair price made a strong bearish candle yesterday after it hit the middle Bollinger band line and then fell. Its goal is to test the lower Bollinger band line since it hasn't crossed the middle Bollinger band line up yet. The lower Bollinger band line's price level is now at 160.31. The USD/JPY tested the bottom Bollinger band line four weeks ago. This was done because there is strong bear pressure on this currency pair, and the price is still moving along this Bollinger band line. Last week, the price went back up, making a strong bullish pinbar candle. We had a bullish pin bar candle, and theoretically the price should have gone up, but this week it started dropping too. Also, the lower Bollinger band line is going further to the downside; thus, the negative movement will continue at this pair.