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Market Analysis – October 31
USDJPY approaches the resistance zone of 151.800. USDJPY experienced a reversal after rejecting the 127.200 level in January. The market structure shift has been bullish after testing the 127.200 demand level. Consequently, this resulted in the formation of higher highs and higher lows, establishing an uptrend.
USDJPY Key Levels
Demand Levels: 138.000, 131.800, 127.200
Supply Levels: 144.500, 151.800, 155.000
USDJPY Long-Term Trend: Bullish
The market experienced a bearish shift in early November 2022, resulting in prices creating lower lows. However, the bearish price action ended when the market structure shifted in a bullish direction after rejecting the 127.200 demand level.
Subsequently, the price started breaking structure in a bullish manner and showed respect for the Order Blocks, indicating strong bullish momentum. The bullish momentum allowed the price to break through the 144.500 supply level and aim for the 151.800 level.
However, since the price broke through the 144.500 level, there hasn’t been a proper retracement to the Order Block. It is anticipated that the price will retrace and trigger the Order Block, serving as a springboard for further bullish prices.
USDJPY Short-Term Trend: Bearish
Despite the overall price action being bullish, there is anticipation of a retracement towards the Order Block for a subsequent bullish surge. It is expected that the price will encounter resistance at the 151.800 supply level, retrace, and then trigger the Order Block.
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