Market Analysis – March 23
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade experienced a change in market direction in February. The market changed from a downward trend to an upward trend. The price has experienced resistance at the 138.00 supply level. The key level is occupied by a bearish order block, which has prevented the market from further ascending. The market has retraced to a bearish order block to gather energy to face the Bears at the 138.00 resistance level.
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade Key Levels
Demand Levels: 130.00, 127.00, 120.00
Supply Levels: 138.00, 142.00, 150.00
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade Long-term Trend: Bullish
In November of the previous year, the USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade experienced a failure swing. The Stochastic and the Relative Strength Index (RSI) indicated the market was overbought. The crossing of the Moving Averages (periods nine and twenty-one) in November confirmed the start of the new trend. A bearish impulsive displacement drove the price to 138.00. A bearish order block was left unmitigated below 150.00.
The market declined through a parallel channel on the daily timeframe. Bearish, impulsive moves shattered support levels, causing the price to fall even further. The price declined till the support level of 127.00 was struck. From January to February, there was a Change of Character (ChoCh). The Moving Averages also crossed as the Stochastic and RSI (Relative Strength Index) indicated the market was oversold. This resulted in a bullish takeoff from the level of demand.
USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade Short-term Trend: Bearish
The short-term trend is bearish. This shows the retracement of the bullish market on the daily chart. The previously unmitigated order block at 138.00 formed resistance to the market’s ascent. The Bulls seek to regain strength for an ascent at the 130.00 support level.
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