Market Analysis – April 21
USDJPY failed to break the resistance level of 138.0 in the market. This led to the pullback to the bullish order block at the demand level of 130.0.
USDJPY Key Levels
Demand Levels: 130.0, 127.0, 125.0
Supply Levels: 138.0, 142.0, 150.0
USDJPY Long-term Trend: Bullish
The bearish order block resting at 138.0 hindered the rise of the price. The Stochastic indicator was already oversold at the test of the resistance level of 138.0. This price plummeted under the Parabolic SAR (Stop and Reverse) dots back to the support level of 130.0.
The Bulls took advantage of the price discount of 130.0. A bullish shift in market structure followed the test of the support level of 130.0. The market bounced off the demand level with ease, as the Stochastic already revealed the exhaustion of Bears. The test of the deposited order blocks has been used to form consistent bullish breaks of structures (BOS).
USDJPY Short-term Trend: Bullish
The market is currently ascending in a rising wedge to the next resistance level. Higher highs and lows are assembling toward the resistance level of 138.0.
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