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USDJPY Analysis – August 4
USDJPY bears successfully led the market to the demand zone at 131.50. The market has been in an uptrend ever since prices broke out of consolidation on the 11th of March, 2022. Before March 11th, 2022, the market had been consolidating within a range as a correction to the preceding massive upward market trend.
Major Significant Levels
Demand Levels: 131.50, 126.50
Supply Levels: 137.10, 139.40
USDJPY Long-term Trend: Bullish
The breakout from the consolidation caused the bulls to storm the market until the previous resistance at 131.50 was reached. On May 24th, the last resistance at 126.50 was retested. This led the bulls back into the market as prices kept soaring high till the supply zone of 139.40 was reached. The sudden rally on the 24th of May, 2022, caused the formation of an order block, which led to the break of structure at 131.50 as prices kept soaring high.
Recently, on the daily timeframe, the moving average period nine and the moving average period twenty-one crossed to indicate that the market trend is about to change to a downtrend. The marabuzo bearish candlestick formation further triggered the impulsive move that led the price to the 131.50 demand zone. Both demand zones at 131.50 or 126.50 appear to be a turning point for the market to resume its uptrend and break the 139.40 resistance level.
USDJPY Short-term Trend: Bearish
On the four-hour chart, the market order flow has been bearish since the change in character (CHOCH) of the market structure. The shift or change in the market’s order flow led prices to the local low in the four-hour timeframe. With liquidity taken out below the swing low, prices might keep soaring higher. A shift in market structure is expected to confirm the resumption of the market uptrend.
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