USDJPY exhibits a notable stagnation in price movement as the eagerly awaited Non-Farm Payroll (NFP) data approaches. The ascent of USDJPY encounters a temporary impasse at the critical resistance level of 152.00. Notably, the market delineates an ascending triangle pattern, prominently evident on the 4-hour chart, in anticipation of an impending breakout coinciding with the release of NFP data.
USDJPY Key Levels
Demand Levels: 146.40, 145.00, 140.20
Supply Levels: 152.00, 154.00, 155.00
USDJPY Long-Term Trend: Bullish
The USDJPY market witnessed a significant structural shift towards bullish sentiment in January. A discernible double bottom pattern materialized at the lower boundary of the expanding channel on the daily chart, triggering a bullish reversal.
The alignment of the double-top bullish reversal pattern with the MACD signal further reinforced the onset of an uptrend at the onset of the year. Notably, the emergence of three white soldiers from the demand level of 140.20, surging above the Moving Average line within the Bollinger Bands, served as additional confirmation of the bullish trajectory.
USDJPY Short-Term Trend: Ranging
The contraction of Bollinger Bands on the four-hour chart, juxtaposed with the daily candles, signifies a dearth of volatility. This led to a breakout of the ascending triangle pattern. Despite this, the overall price action on the daily chart continues to reflect subdued volatility. The imminent release of NFP data is anticipated to induce significant price oscillation, potentially perpetuating the prevailing bullish trend or prompting a reversal. The ongoing consolidation phase appears to foster liquidity accumulation, poised to propel the next market movement.
USDJPY Short-Term Trend: Ranging
USDJPY Short-Term Trend: Ranging
