USDJPY Buyers Require a Fresh Boost

Market Analysis – April 1

USDJPY buyers require a fresh boost. The market has been consolidating above the significant level of 150.350. This indicates a period of indecision and range-bound trading. It looks like buyers are currently in need of a fresh boost, as they have recently shown signs of exhaustion.

USDJPY Key Levels

Resistance Levels: 151.960, 150.350
Support Levels: 146.250, 140.080

USDJPY Long-Term Trend: Bullish

The month of March started with a decline in the USDJPY market. This decline came after a breakdown in the consolidation pattern from the significant level of 150.350. The bears took control and pressed the price down to the key level of 146.250. This decline added to the exhaustion felt by the buyers, as they struggled to regain control.

In the recent week, the dollar market took a turn as buyers regained some strength. The bulls were able to elevate the price from 146.250 up to the significant zone of 151.960. However, below the 151.960 level, the buyers are currently catching a breather. This breather indicates a temporary pause in buying activity. However, it also suggests the possibility of price expansion in the future to establish a forex signal.

USDJPY Short-Term Trend: Bullish

The Parabolic SAR, a popular indicator used to identify potential trend reversals, shows a strong buy signal still in place. This indicates that buyers are likely to exert pressure and attempt a breakout above the significant level. If successful, it could provide the fresh boost that buyers need to regain momentum.

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