USDJPY Reaches Resistance Level in Market Uptrend
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USDJPY Reaches Resistance Level in Market Uptrend

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Azeez Mustapha

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Market Analysis – October 11

USDJPY has encountered a key resistance level at 149.210, slowing its recent uptrend. Following a significant 5.58% bullish swing, buyers now show signs of exhaustion as price action stalls below this resistance level, indicating a possible short-term consolidation.

USDJPY Key Levels

Demand Levels:147.050, 144.500, 140.420
Supply Levels:149.210, 151.860, 155.190

USDJPY Reaches Resistance Level in Market UptrendUSDJPY Long-Term Trend: Bullish

The recent break above the supply zone at 144.500 signalled the onset of a bullish trend. USDJPY continued its upward movement with a “three white soldiers” pattern, which successfully pushed through the 147.050 level and propelled the price toward the current resistance at 149.210.

Indicators reflect mixed signals. The MACD (Moving Average Convergence and Divergence) confirms the ongoing uptrend, but the Stochastic oscillator suggests the market is overbought. As a result, price action has turned sideways just below the 149.210 resistance level, which may hint at a temporary pause or potential reversal depending on how buyers respond.

USDJPY Reaches Resistance Level in Market UptrendUSDJPY Short-Term Trend: Bullish

On the lower timeframes, USDJPY exhibits a bullish market structure near the resistance zone, suggesting resilience among buyers. A breakout remains possible, but further price advances may encounter strong supply at the next level of 151.860. The 151.860  level would pose a new challenge. This developing bullish structure in lower timeframes may present an optimal entry opportunity for breakout traders, with the best forex signals indicating potential momentum if resistance is breached successfully.

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