USDJPY Buyers Prepare for Entry Into the Daily Bullish Order Block

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USDJPY Analysis – October 27

USDJPY buyers prepare for entry into the daily bullish order block. The USDJPY so far has been eddying and flowing within the Bollinger Bands. The intention of the USDJPY buyers to eliminate all bears from the market has always been made known for a very long time.

USDJPY Significant Zones

Demand Zones: 140.350, 130.390
Supply Zones: 151.940, 158.040
USDJPY Buyers Prepare for Entry Into the Daily Bullish Order Block

USDJPY Long-term Trend: Bullish

Four months ago, USDJPY buyers caused prices to break through the 130.390 price level. On April 28th, 2022, USDJPY sellers were allowed to make a move in the market when the price entered an overbought region. This overbought indication was revealed by the stochastic indicator as it crossed the 80.0 level. An ascending trendline emerged shortly after the previous resistance at 130.390 was broken. This ascending trendline currently exists as an upper boundary to the highs of each daily candlestick.
 
Since the emergence of the ascending trendline, USDJPY buyers have been finding it difficult to break it to the upside successfully. On the 20th of October, the USDJPY buyers were able to breach the trendline but were unable to close beyond it on the daily time frame. On the 14th of July, after a period of gyration about the trendline, the USDJPY successfully took the market into a discount as the price headed down to hit the 130.390 demand zone. Since this level was reached, the USDJPY has been in a bull run, with the price continuing to rise into a premium.

USDJPY Buyers Prepare for Entry Into the Daily Bullish Order Block

USDJPY Short-term Trend: Bearish

The reaction to the four-hour bullish order block caused the price to rally upward until the supply zone at 151.940 was hit. When this supply zone was reached, the USDJPY flipped bearish, and buyers are now waiting for the price to enter its re-entry level. With 151.940 and 140.350 as the current trading range, the market is expected to provide a re-entry for the USDJPY buyers in any of the daily discount arrays.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.