USDJPY Buyers Drives the Market Into an Overbought Region

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USDJPY Analysis – October 13

USDJPY buyers drives the market into an overbought region. As indicated by the Relative Strength Index (RSI), USDJPY is currently overbought and a retracement is probable. The ranging market was broken on the 11th of March, 2022. After that, the Japanese yen became weaker than the US dollar. 

Market Significant Zones

Demand Zones: 139.40, 130.40
Supply Zones: 147.70, 155.60

USDJPY Long Term Trend: Bullish

As a result of the successful breakout, the market remains extremely bullish. With prices soaring higher, USDJPY buyers continue to buy at every slight retracement. As the price continues to rise in fits and starts, it appears that the resistance is insufficient to withstand the market’s order flow. The previous resistance at 130.40 could be seen rebuffing the price to the downside, but only for a short period. Similarly, the previous resistance at 139.40 acted stronger but was short-lived. Prices then eventually ended up expanding upward after a liquidity grab at the daily low.

The liquidity grabs on the 25th of May, 2022, and the 2nd of August, 2022, caused the price to evade the resistance levels. The Simple Moving Average (SMA) indicator spends most of its time on the right side of the candlesticks. This SMA’s reaction toward price indicates that the USDJPY buyers remain adamant. A bullish order block was formed in September 2022 as the market surged upward. The bullish order block served as a re-entry level for the bulls on the 22nd of September, 2022. Due to the adamancy of the USDJPY buyers, a correction is more probable than a reversal at the 147.70 supply zone.

USDJPY Short Term Trend: Bullish

The consistent rally to the upside led to the break of structure at the four-hour-old high. If USDJPY buyers remain persistent even in this overbought region, the market may not fall below the 139.40 demand zone before resuming its upward trend.

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