Market Analysis – March 30
USDJPY market direction changed to bullish in February. The market’s ascent was paused by a bearish order block at 138.0. The market has retraced back to a bearish order block at 130.0.
USDJPY Key Levels
Demand Levels: 130.0, 127.0, 121.0
Supply Levels: 138.0, 142.0, 150.0
USDJPY Long-term Trend: Bullish
USDJPY witnessed a series of retracements in the bullish trend of 2022. The market was still in its first two months of the year. The price soared aggressively in March and April. In May, the daily candles dipped below the Moving Average between the Bollinger Bands for a short period. The Stochastic revealed the market was oversold on the daily chart. This prompted the second bullish impulse.
The second pullback in July was experienced after the test of the supply level of 138.0. The Stochastic indicated the market was oversold. The price declined until the formation of a double bottom on the daily chart. After the change in market direction in November, the price plummeted to the 127.0 demand level.
USDJPY Short-term Trend: Bearish
On the lower time frame, a bullish shift in market structure has played out. The market is expected to launch toward the 138.0 supply zone.
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