USDJPY'S Bullish Trend Strengthens As Bulls Target 151.900
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USDJPY’S Bullish Trend Strengthens As Bulls Target 151.900

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Azeez Mustapha

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USDJPY Analysis – January 17

USDJPY’s bullish trend remains strengthened as the bulls target 151.900. The market is in a strong bullish move despite the long-term bearishness throughout November and December last year. The trading range of the market for over six months has remained between 151.900 and 137.200 price levels. Though with some notable resistance, the emerging bullish trend is likely to head into the 151.900 supply zone.

USDJPY Key Levels

Demand Zones: 137.200, 129.600
Supply Zones: 151.900, 160.400

USDJPY'S Bullish Trend Strengthens As Bulls Target 151.900 USDJPY Long-Term Trend: Bullish

Lately, an increase in the bullish momentum of USDJPY has sparked a notable rally into the premium zone. The rally ensued after a breakout to the upside from a diagonal resistance as the year 2024 began. This breakout created what is known as a CHOCH (Change of Character), giving the market’s environment a bullish projection. Following the breakout, the MA Cross issued a buy signal, thereby reinforcing the bullish sentiment.

Despite the ongoing rally, a notable drop in price looms at the bullish order block in the premium zone. The bullish order block formed at 140.000 in late September 2023 led to the bullish breakout from the diagonal resistance. The bullish order block formed as USDJPY bounced off the lower boundary of the market’s trading range. A continuous bullish trend emanated from the bounce until the upper boundary at 151.900 was reached. Clearly, the breakout as well as the ongoing bullish trend were a result of the price’s bounce off the 79.0% Fibonacci retracement level.

USDJPY'S Bullish Trend Strengthens As Bulls Target 151.900USDJPY Short-Term Trend: Bullish

The breakout at the diagonal resistance led to a Change of Character at 142.840. Characterized by breaks in structure to the upside, the market’s bullish trend remains strengthened. The price is expected to continue in fractals until it reaches the 151.900 supply zone.

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