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Market Analysis- May 28
USDJPY has continued to advance in a positive direction, as seen by its climb through a bullish parallel channel. The sell-side delivery that took place between November and February is being countered by this rising momentum. The supply level of 142.09 is the next objective for Bulls.
USDJPY Key Levels
Demand Levels: 130.0, 127.0, 121.0
Supply Levels:138.0, 142.0, 150.0
USDJPY Long-term Trend: Bullish
USDJPY has been exhibiting a bullish sentiment, with a lack of ranging periods on the daily timeframe for several months. After experiencing a significant price decline in November, the market displayed a bearish sentiment with a steep slope. However, a Change of Character (ChoCh) was established in February, signaling a shift in momentum.
Although Bulls initially faced resistance at the 138.09 level, their attempt to soar beyond it was not in vain. Buyers regrouped at 130.0 and eventually managed to break through the resistance level, leading to further bullish movement.
USDJPY Short-term Trend: Bullish
The price of USDJPY is gravitating towards the 142.0 level. The breakout and subsequent retest above 138.0 have provided the necessary bullish momentum for the price to continue its upward trajectory. Traders will closely monitor these levels as indicators of potential future market movements.
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