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Market Analysis – September 30
USDJPY experienced a temporary bearish trend in late October 2022. The bearish break in structure halted the bullish trend. The crash in price managed to break through both the demand levels at 137.400 and 131.200, but its momentum weakened as the market structure shifted.
USDJPY Key Levels
Demand Levels: 137.400, 131.200, 126.400
Supply Levels: 145.200, 152.000, 158.000
USDJPY Long-Term Trend: Bullish
The bullish price movement was rejected at 150.000. It resulted in a break in market structure and the start of a bearish trend. However, this bearish trend failed to break through the significant low at 126.400. It did manage to break the demand levels at 137.400 and 131.200.
Following this important low, the price structure shifted to a bullish one, with a series of higher highs. It surpassed the 143.200 mark. The price is currently targeting the supply level at 152.000, which may not hold the price. Overall, the price action still indicates a substantial positive trend.
The Moving Average further supports the market’s positive stance. However, it should be noted that the price is currently in an overbought region. RSI (Relative Strength Index at 70.0), suggesting a potential modest pullback.
USDJPY Short-Term Trend: Bullish
The Moving Average and higher highs in price indicate a bullish position. Although the price is in an overbought area according to the Relative Strength Index, a downturn is expected with a potential fill of the Fair Value Gap.
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