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Market Analysis – July 11
The USDJPY market has undergone a significant bearish reversal, marked by the emergence of three black crows, following a period of accumulation within the supply zone of around 146.0. This sharp price decline has invalidated the previously established bullish order block and firmly confirmed the commencement of a downward trend.
USDJPY Key Levels
Supply Levels: 144.0, 146.0, 148.0
Demand Levels: 138.0, 132.0, 124.0
USDJPY Long-Term Trend: Bearish
USDJPY Long-Term Trend: BearishTechnical indicators provide further evidence of this bearish sentiment. The Moving Averages, specifically the nine and twenty-one periods, have shifted positions to rest above the daily candles, signaling the establishment of a new downward trend. This crossover adds weight to the bearish outlook.
In addition, the MACD (Moving Average Convergence and Divergence) indicator has crossed above the zero mark, indicating a selloff from an overbought region and reinforcing the bearish momentum in the market.
Looking ahead, the relative equal low at 138.20 holds significant liquidity and serves as the next target for sellers. Traders and investors are closely monitoring this level as it represents a potential area of support turned resistance.
USDJPY Short-Term Trend: Bearish
USDJPY Short-Term Trend: BearishThe 4-hour timeframe indicates a prevailing bearish sentiment in the market. In summary, the USDJPY market has experienced a notable bearish reversal following the emergence of three black crows from the accumulation phase within the supply zone. The shift in Moving Averages, coupled with the MACD crossover, further validates the bearish sentiment. As the price continues to decline, sellers are eyeing the relatively equal low at 138.20 as the next significant target.
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