USDJPY Attacks the 138.00 Supply Level

Market Analysis – March 15

USDJPY has turned bullish since the market reversal abounded in January. The bulls have retraced from the resistance level of 138.00 to seek support for an ascent.

USDJPY Key Levels

Resistance Levels: 138.00, 142.00 150.00
Support Levels: 130.00, 127.00, 124.00

USDJPY Long-term Trend: Bullish

USDJPY is currently experiencing buy-side delivery in the market. The sell-side experienced a drop from a 150.0 supply level to a 127.0 demand level. The bearish influx was notable in October, following thirteen consecutive days of market ascent with a relatively large bearish candle with a shadow. This fostered the decline of the price afterward.

The daily candles fell below the Moving Average period of 20 within the Bollinger Bands. The 142.00 level worked as a support level in September. After the bearish displacement to 138.00, it served as a resistance level. A bearish channel guided the market to 127.00.

USDJPY Short-term Trend: Bearish

The market experienced a bullish reversal in February. The ascent of the price has faced resistance at 138.00. The market appears to be on a pullback to gather momentum for a breakout. On then four hour chart, the daily chart’s pullback is a bearish trend reversal. The bullish order block at 130.00 is expected to foster an ascent in the market.

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