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Market Analysis – November 2
USDJPY finds support in a confluence region. The buying pressure has pushed above the resistance level of $149.000 The demand level of 138.300 aligned perfectly with the supporting trend line of the parallel channel to establish a confluence zone. The USDJPY experienced a significant low in mid-July 2023. It resulted in the bearish trend’s price-breaking resistance. This breach of the previous resistance level of 131.800 has resulted in a shift in the market trend to a bullish direction.
USDJPY Key Levels
Demand Levels: 138.300, 134.100, 130.000
Supply Levels: 144.600, 149.000, 152.000
USDJPY Long-Term Trend: Bullish
The market experienced a significant decline after the price was rejected at the 152.000 level, leading to subsequent lower lows. However, there was a reversal in the market after briefly surpassing the 130.000 level, forming a failed low.
Following the reversal, the price started to establish a series of higher highs, accompanied by a reliable bullish trend line. The bullish momentum successfully surpassed the supply levels at 144.000 and 149.000, with the ultimate goal of reaching the 152.000 level.
Currently, the price has reached the resistance level of the bullish trend line, indicating a potential pullback towards the support level before resuming its upward movement towards the 152.000 level. Additionally, the Relative Strength Index suggests that the price is overbought, further supporting the expectation of a pullback.
USDJPY Short-Term Trend: Bearish
The current price action indicates a bearish break in the market structure, implying that the price is likely to decline. The Relative Strength Index (RSI) confirms this by showing that the price is significantly overbought, as it is above the 70.00 level.
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