USDJPY Approaches the Daily Bullish Order Block
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USDJPY Approaches the Daily Bullish Order Block

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Azeez Mustapha

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USDJPY Analysis – December 1

USDJPY approaches the daily bullish order block earnestly from the diagonal resistance. Following the fake-out at the diagonal resistance, the price has been depreciating. However, it appears that the bulls have already built their buy orders above the 130.400 demand zone.

USDJPY Significant Zones

Demand Zones: 130.400, 126.400
Supply Zones: 145.100, 151.900
USDJPY Approaches the Daily Bullish Order Block

USDJPY Long-term Trend: Bullish

The major trendline has been in the market since the beginning of the year. The major trendline kept prices from surging upward into an extremely overbought region. On April 29, 2022, the price could be seen swerving to the downside from the diagonal resistance and the previous resistance of 130.400. A few days later, the USDJPY aggressively rose above the 130.400 price level. After the previous resistance level of 130.400 was broken, the bulls kept the market moving upward until July 15, 2022. The 130.400 level was retested, and the price rallied earnestly to form a daily bullish order block. The price kept appreciating even after the diagonal resistance was hit on September 7, 2022.

The bearish marubozu candlestick that formed on November 10, 2022, clearly revealed the market’s direction. Though the market has been on an uptrend for a very long time, it seems the bears are beginning to gain the upper hand. At the moment, the direction bias on the daily time frame is downward, and the USDJPY sellers do not seem to be exiting the market anytime soon. However, with the daily bullish order block created on August 18, 2022, the buy orders in the zone might be overshadowing enough to render the existing selling pressure insignificant.
USDJPY Approaches the Daily Bullish Order Block

USDJPY Short-term Trend: Bearish

The market is currently heading into the daily bullish order block. On the four-hour chart, the market’s order flow is characterized by the consequential breaks in structure to the downside. USDJPY is expected to reverse to the upside once the daily bullish order block is reached.

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