USDJPY Loses Strong Bullish Momentum

Azeez Mustapha

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Market Analysis – June 8

The bullish momentum of USDJPY 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 Significant Levels

Demand Levels: 138.0, 133.0, 132.0
Supply Levels: 142.0, 150.0, 155.0
USDJPY Loses Strong Bullish Momentum

USDJPY Long-Term Trend: Bullish

USDJPY’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.
TradingView Chart

USDJPY Short-Term Trend: Bearish

In the short term, USDJPY 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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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