USDJPY consistently exhibits fractal movements as it approaches an imminent breakout. USDJPY keeps repeating the same bullish pattern since the overall bullish trend began. The current trading range is bounded between 137.000 and 152.000 price levels. The ongoing impulse is likely to extend beyond the 152.000 level owing to the buying pressure from the 140.250 in the discount zone.
USDJPY has consistently displayed a bullish pattern within the overarching uptrend, notably rallying from 129.640 and surging beyond 140.250 after a series of minute sub-waves. Subsequently, a significant decline followed the breakout, concluding with a sweep of sell-side liquidity at 138.420. The ensuing resurgence of the bullish trend was propelled by buy orders originating from the 138.420 low. Mirroring the initial impulse, the price continued its fractal rallies until reaching the current trading range’s peak.
Over the past six months, the market’s boundaries have been defined by a low of 137.000 and a high of 152.000, delineating the existing range. After a substantial retracement, the buyers regained confidence at a bullish order block within the discount zone. The ongoing momentum can be attributed to price reactions following a sell-side liquidity grab in the oversold region. Anticipated in the near term is a retracement to the bullish order block at 145.000 before the bullish trend resumes. Setups like this generate the best forex signals telegram groups can offer.
USDJPY Short-Term Trend: Bearish
The trading range of the market on the four-hour chart lies between 144.350 and 148.800 price levels. According to the Simple Moving Average, further decline is likely. However, the bullish trend is expected to resume as USDJPY enters the bullish order block at the 145.00 price level.
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