USDJPY Breaks New Structure in Upward Direction

Market Analysis – June 14

The USDJPY market has re-established its bullish trajectory following a recent downturn. The price has surged past the previous swing high of 157.70 on the daily chart, indicating renewed upward momentum. This upward movement is projected to challenge the resistance level at 160.40, where the price previously encountered a significant pullback.

USDJPY Key Levels

• Demand Levels: 154.00, 151.90
• Supply Levels: 160.40, 165.00

USDJPY Long-Term Trend: Bullish

After breaking above the bullish wedge on the daily chart, USDJPY buyers exhibited exhaustion as the price approached 160.40. This level saw a reduction in buying momentum, evidenced by the decreasing size of red bars on the Awesome Oscillator.

The major level 151.90, which served as strong resistance in November and March, has provided substantial support. Following a test of this level, a significant low was established, leading to the formation of higher lows and indicating a positive progression in price movement.

USDJPY Short-Term Trend: Bullish

On the four-hour chart, the market has broken through the resistance zone at 157.70. The swing high of 160.40 remains a critical target for the best forex signals telegram channels can offer. This is supported by rising bullish momentum observed on the Awesome Oscillator across both daily and four-hour charts.

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