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Market Analysis – July 28
The USDJPY market has remained bearish throughout the week, primarily due to encountering a failed order block in the premium zone right after the last bearish swing on the daily chart. This unsuccessful bullish order block is situated at 142.0. Additionally, the swift bearish movement from the high of 145.0 led to the creation of inefficiently traded regions.
Key Levels for USDJPY
Demand Levels: 145.0, 143.0, 142.0
Supply Levels: 137.0, 134.0, 132.0
Long-term Trend for USDJPY: Bearish
Long-term Trend for USDJPY: BearishFollowing the price reaching the supply level of 145.0, USDJPY experienced an aggressive crash, which had already been anticipated by the Stochastic indicator signalling a bearish reversal. The pullback after the bearish movement found resistance at the failed bullish order block, contributing to the market’s subsequent reversal. It’s worth noting that the bearish delivery paused at the fair value gap of 137.0, a region characterized by relatively equal lows, signifying rich liquidity.
Short-term Trend for USDJPY: Bearish
Short-term Trend for USDJPY: BearishThe pullback to the market inefficiency may be a strategic move to initiate new long positions from the liquidity region. The presence of the failed order block further indicates bearish sentiment. As the current price lies between two significant features on the daily chart, careful observation is required to await another break of structure to confirm the trend finally.
Additionally, we can expect a potential shift in market structure at the high and low points of the existing swing range, which may establish the direction of the next major move.
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