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Market Analysis – October 23
USDJPY engineers reversal with a liquidity sweep and the mitigation of the bullish order block around the 129.800 region. As a result, a bullish trend is formed, and the 145.500 supply barrier is broken.
USDJPY Key Levels
Demand Levels: 138.800, 134.100, 129.800
Supply Levels: 145.500, 151.150, 154.500
USDJPY Long-Term Trend: Bullish
USDJPY Long-Term Trend: BullishThe order block was triggered when the price broke the initial high-low due to liquidity. As a result, there is a succession of higher highs and higher lows in the price, causing spontaneous bullish movement.
Bullish prices close the market’s Fair Value Gap, supporting subsequent price declines. The trend line support was respected without breach as it served as support for higher lows.
The Moving Average suggests bullish sentiment is in effect. This is observed as the price being above the MA’s marks buyers outpacing sellers in momentum. However, it is expected that the price will retrace after reaching the rejection block at the 151.550 price mark to build up sufficient momentum to surpass the 151.550 supply level.
USDJPY Short-Term Trend: Bearish
The market’s rejection broke the 145.500 level of bearish trend support. Nevertheless, a price drop is expected as the market approaches the rejection block.
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