USDJPY Continues to Crash in Stepwise Order

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Market Analysis – December 28

USDJPY continues to crash in stepwise order. The market turned a new leaf in August. The Stochastic was in the oversold region as August kicked in. Buyers filled their orders at the 131.50 level. The buying pressure took the price of USDJPY to the moon. The daily candle rose above the midline of the Bollinger Band.

USDJPY Key Levels

Supply Levels: 149.90, 144.60, 139.20
Demand Levels: 131.50, 126.60, 121.30

USDJPY Long-term Trend: Bearish

A Change of Character (CHoCH) was revealed at the 149.90 supply zone. The market turned from an uptrend to a downtrend. The market fell below the Moving Averages line within the Bollinger Band.

At 139.20, a break of market structure (BOS) first appeared. The second break of structure (BOS) formed below the 139.20 supply level. The price fell to the demand level of 131.50. The bearish displacement left a fair value gap above 131.50. A retracement to fill up the long bearish candle is expected to continue the downtrend.

USDJPY Short-term Trend: Bearish

The market is expected to rise to the bearish trend line to give room for the sellers to take advantage of the market. The downtrend appears so strong. The market might eventually crash sooner as the Stochastic is already overbought. The lower demand level at 126.60 appears to be the next selling target.

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