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Market Analysis – September 21
USDJPY is steadily rising without any signs of reversal. Since early March 2023, the market has been experiencing a continuous upward trend following a break in its structure. The price of USDJPY is steadily climbing towards the 151.800 level, which has become the target for the bullish trend.
USDJPY Key Levels
Demand Levels: 144.600, 137.000, 130.500
Supply Levels: 151.800, 156.000, 160.000
USDJPY Long-Term Trend: Bullish
The break in structure led to a positive shift in price action, surpassing the 137.000 mark. Since then, the price has been steadily rising, with minor pullbacks that have not shown any signs of reversing the trend.
There hasn’t been a major pullback since the significant drop in July 2023. But it was followed by a structure break. It is expected that the price will clear the 151.800 high before experiencing a significant drop towards the order block.
The Moving Average indicates active bullish price activity, and the Relative Strength Index suggests that the price is resistant to falling as it hovers near the 30.0 overbought level.
USDJPY Short-Term Trend: Bullish
The price consistently pushes towards the resistance of the trend line and the 151.800 level. The Relative Strength Index indicates that the current decline is almost over as it approaches the 70.00 oversold zone.
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