USDJPY Continues Its Slow and Steady Ascent

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.


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, 142.00USDJPY Continues Its Slow and Steady Ascent

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 Continues Its Slow and Steady Ascent

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.

Do you want to take your trading to the next level? Join the best platform for that here 

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.