USDJPY Buyers Keep Driving the Market Upward

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USDJPY Analysis – September 1

USDJPY buyers keep driving the market upward. The breakout from the market range on the 11th of March has been the reason why the market keeps rallying upward and breaking every resistance along its way. For every downward retracement, the buyers keep storming the market and driving prices upward.

USDJPY Significant Zones

Resistance Zones: 139.40, 143.50
Support Zones: 131.30, 126.60

USDJPY Long-Term Trend: Bullish

The overall market trend on the daily time frame is bullish. Ever since the breakout by the buyers on March 11, 2022, a change in character or shift in market structure has never happened. The break in market structure has always been to the upside, as prices continue to rise without entering a discount zone. On the 28th of April, 2022, the exponential moving average (EMA), which makes up the MACD indicator, indicated that the market had been extremely bullish. This indication led to the first clear retracement in more than six months. The retracement ended on the 24th of May, 2022 as buyers stormed the market and drove prices upward as expected due to the support level at 126.60.

On the 16th of June, 2022, there appeared to be a struggle between the buyers and the sellers as the market crawled up to the daily high trendline and 139.40 resistance with decreased momentum. Rejection at these strong resistances sent the market crashing down to even stronger supports at the daily low trendline and 131.30. As the market hit the strong support, more buyers stormed the market and further drove the market upward towards the 139.40 resistance level.

USDJPY Short-Term Trend: Bullish

In the four-hour time frame, the market uptrend began on the 1st of August, 2022. The market kept rallying upward as buyers drove prices into a channel made up of unparalleled trendlines. Due to the pattern formed by the trendlines, the market is expected to correct downward as it hits the resistance at 139.40 to fill the four-hour fair value gap.
The market’s order flow still remains bullish and might remain bullish until the 100% extension level at 143.50 is reached.

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