USDJPY Bulls Are Not Relenting

Market Analysis – September 1

USDJPY has continued to push higher since the initiation of the bullish wave at the beginning of the year. A new bullish break of structure has been established on the uptrend to signify the continuity of the price rise.

USDJPY Key Levels

Demand Levels: 142.120, 141.510, 127.560
Supply Levels: 146.400, 150.290, 145.410

USDJPY Long-term Trend: Bullish

The bullish trendline on the daily chart has guided the price action as the price rises. The precision of the bullish trendline has aided bulls in finding safe entry at optimum prices for longs.

Recently, the market reached the liquidity region of 146.380. The market seems to aim for the high created in October of the previous year which is also a vibrant liquidity region.

The moving averages are currently supporting the bullish motion. The MACD is overbought on the daily chart hence a possible retracement is anticipated before the resumption of the upward move.

USDJPY Short-term Trend: Ranging

Currently, the market is currently in an accumulation phase. This seems to be the preparation for a bullish displacement to the next resistance level of 150.290.

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