USDJPY Buyers Prepare for Entry Around the Diagonal Support

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USDJPY Analysis – November 24

USDJPY buyers prepare for entry around the diagonal support. Amidst the USDJPY buyers’ dominance in the market, the USDJPY sellers were successfully able to find a proper entry at a major level in the market. However, the bearish season seems to be coming to an end as the price approaches the major diagonal support.

USDJPY Significant Zones

Demand Zones: 130.40, 126.40
Supply Zones: 145.10, 151.90

USDJPY Long-term Trend: Bullish

Even with the current bearish move, the market’s overall direction remains bullish on the higher time frames. Beginning with the rejection of the price at the 126.40 support, the major diagonal support emerged at the swing low, which was formed in May 2022. In its entirety, the diagonal support rose upward, resisting further price declines at the swing lows in favor of USDJPY buyers. The overall bullishness of the market is characterized by the subsequent breaks in structure to the upside.

A similar incident that happened on May 26, 2022, also happened on the second trading day of August 2022. Price bounced rapidly and with great momentum to the upside after the confluence of the diagonal support and the horizontal support at the 130.40 price level occurred. A few days later, the USDJPY buyers took partial profits, and the market eventually crashed down due to the selling pressure at the 151.90 resistance. The market is currently seeking sell-side liquidity below the previous low.

USDJPY Short-term Trend: Bearish

On October 21, 2022, the market swerved downward on the four-hour chart to shift the structure of the market to the downside. After the market structure shift (MSS), prices began to sink lower and lower, into a discount. Once the sell-side liquidity is grabbed, USDJPY buyers are expected to take control of the market once again.

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