USDJPY Holds Steady Above Key Support, Eyes Fresh Highs

The USDJPY price recently tested a key bearish order block at 156.60, which served as a significant resistance level. This resistance halted the bullish ascent, causing the price to retreat sharply. Following the pullback, the pair found support at the 153.530 level, marking its second retest of this zone.

USDJPY Key Levels

• Demand Levels: 153.530, 151.860, 146.430
• Supply Levels: 156.600, 160.230, 162.000

USDJPY Long-term Trend: Bullish

In October, the ongoing bullish swing encountered resistance at 153.530. This resistance stemmed from a bearish order block at the sell-side. Consequently, the price experienced a pullback, finding support on the 9- and 21-period Moving Averages. However, buyers regained control, driving the price beyond the bearish order block.

Currently, the price faces resistance at the 156.600 level, corresponding to another bearish order block. Despite the deflection, the Elder Ray Bull and Bear Indicator reveals that buyers remain dominant. The price appears supported as it seeks momentum for another potential breakout.

USDJPY Short-term Trend: Bullish

The bullish trendline continues to provide reliable support for the uptrend. Additionally, the Moving Averages align with the trend, reinforcing the bullish structure. The pullback to the key level 153.530 creates another entry opportunity for forex signals. If buyers maintain their momentum, the price is likely to surge toward 160.230. At this level, it will contend with resistance from an unmitigated bearish order block.