Market Analysis – April 13
The USDJPY has experienced its first break of structure to the upside after a retreat from the resistance level of 138.0. The buyers are set for a breach of the resistance level.
USDJPY Significant Levels
Demand Levels: 130.0, 127.0, 120.0
Supply Levels: 138.0, 142.0, 150.0
USDJPY Long-term Trend: Bullish
The USDJPY price plummeted significantly through a bearish channel from the supply level of 142.0 to the demand level of 127.0. Multiple bearish order blocks lie above the current price to serve as resistance for the ascent of USDJPY in the future. After the breakout from the bearish channel in February, a bullish order block resting beneath 130.0 was tested to fuel the rise in the price of the market.
USDJPY crashed upon a stiff resistance level of 138.0, where an unmitigated order block rested. Buyers retreated immediately at the failure to break the zone. After a retracement into the oversold level of 130.0 (as signified by the stochastic Oscillator), the market received an upthrust from the support of the lower Bollinger Band. A double bottom has formed on the daily chart with the break of the neckline to form a break of structure.
USDJPY Short-term Trend: Bullish
On the lower timeframe, a bullish order block (OB) has been spotted. The market is expected to retest the bullish order block to fuel the price to rise to the next resistance level of 138.0.
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