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USDJPY Analysis – December 15
USDJPY faces buying pressure from the discount zone as the market resumes its bullish trend. Recently, the bears were able to break through the main trendline that had been restraining the price from falling. On the other hand, the bulls have seized the market by storm from the discount zone, despite the bears’ considerable impact.
USDJPY Key Levels
Demand Zones: 144.90, 127.20
Supply Zones: 151.90, 160.40
USDJPY Long-Term Trend: Bullish
USDJPY has been bullish from the discount zone since April 2023. The bullish trend emerged together with a major trendline, which was acting as a diagonal support until the recent breach. According to the MA Cross, the bullish trend became obvious in April as the Moving Average Period 9 crossed the Moving Average Period 21 to the upside. The market remained bullish on the daily chart with the MA Cross until the price rebounded at a previous resistance, thereby depleting the buying pressure.
The subsequent crash lasted with multiple Marubuzu bearish candlesticks until the diagonal support was hit. The diagonal support reinforced the buying pressure, thereby leading to the end of the bearish move. Consequently, the bullish trend resumed, forming a long-term low at 137.200 before zooming off. A bullish order block formed at the initial phase of the resumed uptrend before USDJPY rallied into the 151.900 supply zone. The bullish order block has been recently validated as the price tested it, leading to the resumption of the uptrend.
USDJPY Short-Term Trend: Bearish
The market’s order flow remains bearish on the four-hour chart as the order block above the 147.500 high needs to be invalidated first. However, the price appears to be heading upward into the premium zone.
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