Market Analysis – June 30
USDJPY has displayed remarkable performance since the beginning of the year. Following the shift from a bearish to a bullish market direction in January, buyers have consistently driven the price higher.
USDJPY Key Levels
Demand Levels: 141.0, 136.0, 132.0
Supply Levels: 144.0, 150.0, 160.0
USDJPY Long-Term Trend: Bullish
The strength of the buyers is evident in the Average Directional Index (ADX) indicator, which highlights the persistent rise in bullish momentum since May. The ADX currently registers above 40, indicating a very strong trend.
The market’s upward movement has witnessed numerous bullish breakouts and the nullification of previous resistance levels. A bullish breakout from a rising triangle occurred in May, while a successful bullish breakout from a descending triangle took place in June. The Parabolic SAR (Stop and Reverse) also supports the market’s uptrend.
USDJPY Short-Term Trend: Bullish
The market is experiencing an upward trend on the 4-hour chart as well. The price has reached a region that was inefficiently traded in November due to the rapid downward movement at that time. The market is expected to fill the gap range at 146.00.
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