Market Analysis – January 19
USDJPY market has continued to replay the “break and retest” price action on the daily chart. The bears have gained control since October, after the test of 150.90.
USDJPY Long-term Trend: Bearish
A double bottom shape formed in August last year. The bullish order flow resumed after the formation of the bullish chart pattern. The daily candles rose above the Moving Averages. The price rose steadily to the supply level of 150.0. The bearish trend was confirmed with the cross of the Moving Averages (periods 30 and 50).
A bearish channel has been formed on the daily chart. The Moving Averages are still hovering above the daily candles, clearly showing that the market is still bearish. Since November, every new high has brought about the formation of a new low. The sellers are drawing toward liquidity regions at major demand levels.
USDJPY Short-term Trend: Bearish
The USD/JPY market tested 131.300 a few days ago. The Stochastic signified an overbought market. Immediately after the Moving Average ( period 50) was tested, the price started declining again. The market is currently diving towards 126.500.
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