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Market Analysis – January 26
The USDJPY trend remains bearish as the market continues to deliver in a stepwise motion. The bearish structure is observed to be continuous and constant. Lower lows follow the lower highs on the daily chart.
USDJPY Significant Levels
Resistance levels: 138.00, 142.0, 150.90
Support Levels: 126.50, 120.50, 114.70
USDJPY Long-Term Trend: Bearish
The United States dollar continues to get weaker against the Japanese Yen. The market trades efficiently to counteract the previous year’s prominent bullish movement. After a short-term consolidation at 114.70, the market price rose rapidly. More bullish orders were filled at 126.50 in June and 131.30 in August. The daily candles rested mainly above the middle string of the Bollinger Bands during the previous year. The last bullish impulsive move originated from the double bottom formed at the 131.30 demand level.
The sellers have created a very steady pattern of decline. A bearish trendline guides the price action to demand levels. The downward parallel channel contains a series of impulsive movements and corrective price action. Since the bearish reversal, more of the daily candles have closed below the midline of the Bollinger.
USDJPY Short-Term Trend: Bearish
The market has broken the 131.30 demand level. No signs of a bullish reversal have been spotted in the price action. The market price is expected to strike the support level at 126.50 shortly.
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