Market Analysis – February 2
USDJPY bulls have almost reached the 138.00 supply level. The price of the market is soaring at great speed.
USDJPY Key Levels
Demand Levels: 131.30, 127.50, 124.00
Supply Levels: 134.40, 138.00, 142.00
USDJPY Long-term Trend: Bullish
USDJPY paddled back and forth within a bearish channel to the demand level of 127.00. Before the descent, the market launched from a 142.0 demand level to a 150.00 supply level. The bullish order block at 142.00 failed to hold. The aggressive decline in price formed the supply level and created a fair value gap in the daily chart.
The market was oversold in January at the 127.00 support level. A failure swing revealed the influx of buyers at the demand level. A change of character (ChoCh) delivered the daily candles from the bearish channel. The retest of the 130.0 support level has fostered the bullish ascent. The Parabolic SAR (Stop and Reverse) indicator is currently supporting an uptrend in the market.
USDJPY Short-term Trend: Bullish
The market is bullish on the lower timeframe. The market direction on the higher timeframe is similar to the lower timeframe. The Stochastic indicates an overbought market in the daily and 4-hour timeframes; a retracement is anticipated after the test of the 138.00 supply level.
Do you want to take your trading to the next level? Join the best platform for that here
- Broker
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
