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USDJPY Analysis – November 27
USDJPY flips bearish as the 149.200 low gets invalidated after the price hits the 151.900 resistance. The market has been in a bullish trend since the beginning of 2023. Owing to the overwhelming selling pressure at the premium zone, the market seems to have begun a new trend in a downward direction.
USDJPY Key Levels
Demand Zones: 144.990, 127.200
Supply Zones: 151.900, 160.400
USDJPY Long-Term Trend: Bullish
In January 2023, the retraction at the 127.200 support led to an explosive expansion to the upside. A CHoCH (Change of Character) from the bearish trend occurred as the price invalidated the 134.800 previous high.
The subsequent expansion continued algorithmically as price filled up liquidity voids along its path. The emerging uptrend continued alongside a rising trendline, which is currently resisting any major crash to the downside. USDJPY resumed its uptrend after a rebound off the diagonal support in August 2023.
Following the rebound in August 2023, the bullish trend continued with increased pressure. Owing to the increase in buying pressure, the previous resistance at 144.900 failed to resist the price.
Prior to the breakout, a Fair Value Gap formed just below the 144.900 price level in August 2023. The aggressive rally continued until USDJPY met a major resistance at 151.900 in the premium zone. A major decline is highly probable from here, as the market recently experienced a CHoCH to the downside.
USDJPY Short-Term Trend: Bearish
The current trading range of USDJPY on the four-hour chart lies between 151.900 and 147.150, high and low, respectively. The price is expected to continue its bearish trend when the 62.0% Fibonacci retracement level is reached.
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