USDJPY Buyers Exit the Market at the 100% Retracement Level

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USDJPY Analysis – November 3

USDJPY buyers exit the market at the 100% retracement level. Before this correction phase, the USDJPY buyers had been consistently driving prices to the upside in fractals. Now the USDJPY buyers are waiting for the price to retrace into the bullish order block at the 50% Fibonacci retracement level or the order block around the 138.40 demand zone.

USDJPY Significant Zones

Demand Zones: 138.480, 131.330
Supply Zones: 150.010, 157.500

USDJPY Long-term Trend: Bullish

Until the later days of April, the 131.330 price level remained a holy grail to the USDJPY buyers. To reach this price level, the market stayed in an overbought region for weeks. At the first strike on the 131.330 price level, the market pulled back and struck again. The consistent strike broke the price level, thereby revealing the intention of the USDJPY buyers to seek higher highs and higher lows. Shortly after the 132.330 resistance got broken, an upward trendline emerged against the highs of the candlesticks.

The buying pressure of the USDJPY buyers appeared incomparable to the selling pressure at the upward trendline as the market crashed massively after a fourth bounce off the trendline. The current trading range under consideration is the impulse swing formed between June and July 2022. This trading range is defined by the weekly candles’ closes at 127.090 and 138.480. In August 2022, the market pulled back to hit the 61.80% retracement level, after which the USDJPY buyers stormed the market again. The presence of the USDJPY buyers could be seen as the price rallied up into the 150.010 supply zone.

USDJPY Short-term Trend: Bearish

On the four-hour chart, the market is currently showing signs of a change in the trend toward the downside. Should the immediate bullish order block be invalidated, USDJPY is expected to sink into the daily bullish order block just below the 138.480 support.

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