Market Analysis – November 8
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade bullish strength declines rapidly after multiple waves of prominent price rises. The buyers seem exhausted as the market ascent appears very lethargic in recent days.
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade Key Levels
Demand Levels: 138.800, 133.700, 127.500
Supply Levels: 151.940, 154.500, 155.000
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade Long-Term Trend: Bullish
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade has performed brilliantly since the inception of the year. A major ChoCh (Change of Character) played out perfectly in the first month.
A neat bullish swing followed the pullback into the supporting band of the Bollinger. From March to July, the majority of the daily candles closed above the Moving Average period twenty resting between the Bollinger Bands.
Shortly after the resistance level of 145.00 was tested, USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade made its second pullback to the supporting Band of the Bollinger resting at the support level of 138.00. This was followed by a break of the resistance level of 145.00. Immediately after the break of the supply level, the midline of the Bollinger and the Resistance band closed in on the daily candles to reveal a lack of volatility. The average true range also declined prominently revealing the drop in the market volatility and volume.
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade Short-Term Trend: Bullish
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade is currently experiencing difficulty in breaking the resistance level of 151.900. The challenge in the price rise is a signal of a reversal. It is important to watch out for a clear break and successful retest of the 151.900 to ascertain the continuity of the uptrend.
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