USDJPY Continues Its Slow and Steady Ascent

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Market Analysis – February 23

USDJPY has turned bullish on the daily timeframe. The price is rising slowly toward the resistance levels. The first resistance level of 134.40 has been reached.

USDJPY Key Levels

Demand Levels: 131.30, 127.50, 124.00
Supply Levels: 134.40, 138.00, 142.00

USDJPY Long-term Trend: Bullish

The USDJPY market was overbought in December. The bullish ascent from 131.30 came to an abrupt halt. In November, the cross of the Moving Averages (periods nine and twenty-one) signaled a decline in the price. The market swerved gradually after the MA (Moving Averages) crossed into an oversold region on the daily chart. The pullbacks and bearish displacements had a consistent pattern until the support level of 127.50 was reached.

A Change of Character (ChoCH) played out perfectly in February. The return to order block (RTO) aided the market’s ascent. Three white soldiers led the market away from 131.30. The price has reached the first resistance level at 134.40. Small-sized candles at the supply level reveal the reduced volatility in the market.

USDJPY Short-term Trend: Bullish

On the 4-hour chart, the Stochastic and the RSI are leaving the overbought region. On the daily chart, the market remains overbought. The market is expected to retrace to the support level of 131.30 to gain bullish momentum for an ascent.

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