USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade has recently demonstrated a substantial price surge, originating from the demand zone around the 138.0 mark. This decisive movement is a clear testament to the revival of bullish sentiment in the market.
As revealed by the Stochastic indicator, the bullish momentum seemed to lose its steam at the 145.0 resistance level. This exhaustion of the bulls triggered a sharp downward price adjustment, indicating a potential reversal or at least a temporary halt in the uptrend.
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade appears to be predominantly bullish. Interestingly, the market’s downward trajectory paused at the scarcely traded region of 137.0, where a significant demand level lies. This level has historically acted as a resistance, notably stalling a bullish rise on May 1st.
A powerful break above this resistance, which quickly morphed into a support level, left a fair value gap in its wake. This was due to the swift price rise required to overcome the 138.0 barrier.
The resumption of USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade’s uptrend seems apparent, given the formation of a notably bullish candle after the price gapped up from the demand level. As the daily chart is observed, the previous high at 145.0 seems to be the nearest upward target. Adding to this bullish narrative, the Parabolic SAR has formed its first point below the current daily candle, signalling a continuation of the uptrend.
On the 4-hour chart, a shift to a bullish market structure can be observed. A recent sweep past the 142.0 level has confirmed this bullish trend. Moreover, the equal high of 145.0 appears to be acting as a strong price magnet, potentially drawing the market towards it.
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USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade Short-term Trend: Bullish
