USDJPY Breaks Out of the Rising Wedge

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Market Analysis – April 27

USDJPY has pushed above the rising wedge on the timeframe. The 4-hour chart shows the emergence from the wedge led by three white soldiers. The buyers are currently aiming for 138.0.

USDJPY Significant Levels

Demand Levels: 130.0, 127.0, 124.0
Supply Levels: 138.0, 142.0, 150.0

USDJPY Long-term Trend: Bullish

USDJPY broke out of the bearish parallel channel in February. A double-bottom chart pattern played out successfully after the Stochastic Oscillators swerved into the oversold region on the 16th of January. The Parabolic SAR (Stop and Reverse) points appeared below the daily candlesticks to lead the market to the resistance zone of 138.0. An unmitigated order block firmly resisted the ascent at the supply zone.

The price of USDJPY declined until the support level of 130.0 was reached. A bullish order block gave the buyers an opportunity for longs. The market structure changed immediately as higher highs and lows formed with bullish breaks of structure.

USDJPY Short-term Trend: Bullish

A rising wedge has defined the price action of the market in March and April. The last test of the supporting trendline has propelled the price above the resistance trendline. The break was led by three white soldiers. The Stochastic is overbought on the daily and four-hour charts. A correction is therefore expected towards 134.50.

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