USDJPY Faces Resistance, Leading to Price Decline

Market Analysis – November 28

USDJPY encountered significant resistance after reaching a well-defined bearish order block in November. This interaction marked a decisive turning point, shifting the market’s momentum and initiating a downward movement. The price is now progressively approaching a critical bullish order block situated at 150.00, a level that could either act as a foundation for recovery or pave the way for further bearish continuation.

USDJPY Key Levels

Demand Zones: 140.250, 137.420, 130.630
Supply Zones: 156.050, 160.260, 163.350

USDJPY Long-term Trend: Bullish

The resistance posed by the 156.050 bearish order block has triggered a notable price decline. The Awesome Oscillator reveals waning bullish momentum, as evidenced by the diminishing size of red bars above the zero line.

Although the price is in a corrective phase, the broader bullish trend remains intact. This is largely attributed to the presence of a robust 150.00 bullish order block, which continues to offer a substantial buffer against further declines. If respected, this level could reignite upward momentum and restore bullish confidence.

Price action has fallen below the 30-period Moving Average (MA), signaling a significant pullback. However, a confirmed bearish trend would require a breach of the 50-period MA.

USDJPY Short-term Trend: Bearish

On lower timeframes, a bearish structure has been firmly established. Should the 150.00 bullish order block fail to hold, this would confirm a multi-timeframe bearish alignment to generate the best forex signals telegram groups can offer. Such a scenario would offer strong opportunities for short trades as sellers gain control of the market direction.

USDJPY’s next move hinges on the ability of the 150.00 bullish order block to support the current price trend. Traders should closely monitor this level along with key indicators like Moving Averages and oscillators for confirmation of trend continuation or reversal.