USDJPY Maintains Bullish Structure Amidst Bearish Resistance

Market Analysis – November 12

USDJPY turned bullish in October after breaking above the 144.500 level and breaching a bearish trendline anchored by swing highs from August and September. Since this reversal, the market structure has maintained a pattern of higher highs and higher lows, reflecting sustained bullish momentum.

USDJPY Key Levels

Demand Levels: 149.410, 147.050, 144.500
Supply Levels: 152.990, 160.100, 165.000

USDJPY Long-Term Trend: Bullish

During the previous bullish rally, the 155.190 zone served as a significant support level. Currently, buyers are contending with strong resistance near this zone. Following the market reversal, the 9-period Moving Average shifted beneath the daily candles, indicating ongoing bullish support.

However, the 152.990 resistance zone has tempered the bullish momentum, leading to tighter price swings visible on the 4-hour chart. Stochastic readings suggest the market is overbought near this supply zone, highlighting potential bearish pressure in the short term.

USDJPY Short-Term Trend: Bullish

In lower timeframes, a bullish trendline continues to provide upward support. Notably, no major swing low has been breached, suggesting that the bullish structure remains intact. If buyers persist, a breakout above the resistance is possible. Conversely, sweeping the 151.000 demand level could open the door to a potential market reversal.