USDJPY has surged back to a key resistance area. The last swing high formed around 147.050, marking the end of a recent downtrend and establishing initial resistance. The subsequent breakout through this level signaled a bullish shift. However, buyers now face a challenge as a bearish order block at 152.990 limits further upward movement.
USDJPY Key Levels
Demand Levels: 147.050, 144.500, 140.420
Supply Levels: 152.990, 158.000, 160.100
USDJPY Long-Term Trend: Bullish
In September, USDJPY broke above a descending trendline, sparking a bullish reversal. At this point, the Hull Butterfly indicator confirmed the trend shift, turning green and indicating bullish momentum on the daily chart.
The price advanced within a narrow rising wedge, visible on the 4-hour timeframe. A bullish breakout from this pattern pushed USDJPY up into the 152.990 supply zone. Here, resistance from the bearish order block halted the uptrend, sending the price back to test support within the wedge.
USDJPY Short-Term Trend: Bullish
Support from the bullish wedge structure enabled buyers to re-enter, pushing USDJPY back into the bearish order block. Price action has since become choppy, reflecting strong resistance at this level. Forex signals could be critical in identifying potential breakout or retracement points here. A sustained breakout above 152.990 could open the door for further gains, potentially pushing the price toward 160.100.
For now, the market remains range-bound, with bulls and bears locked in a struggle around the resistance. Until a clear breakout occurs, sideways movement may persist.
USDJPY Short-Term Trend: Bullish
USDJPY Short-Term Trend: Bullish
