Market Analysis – June 8
The bullish momentum of USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade has weakened, with buyers showing reluctance in surpassing the resistance level of 142.00. Currently, the price is confined within the range of the support level at 138.9 and the resistance level at 142.0.
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade Significant Levels
Demand Levels: 138.0, 133.0, 132.0
Supply Levels: 142.0, 150.0, 155.0
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade Long-Term Trend: Bullish
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade’s long-term trend remains bullish, as indicated by its upward movement within an expanding channel in the 24-hour timeframe. The demand zone at 133.70 facilitated the price’s rise towards the supply zone at 142.0. The Parabolic SAR (Stop and Reverse) played a role in guiding the ascent until the key level of 138.0 was breached.
During the rise, daily candles entered the supply zone at 142.0, coinciding with the Stochastic oscillator signalling oversold conditions. However, the pullback to the bullish order block resting at the demand level of 138.0 has not been successful in propelling the price towards the resistance level of 142.0. As a result, consolidation has persisted above the support level of 138.0.
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade Short-Term Trend: Bearish
In the short term, USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade is experiencing a ranging market. This is evident on the 4-hour chart, where the Stochastic oscillator fluctuates repeatedly above 80 and below 20, indicating consolidation. Testing the bullish trendline might attract more buying interest, potentially pushing the price above 142.0.
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