Market Analysis – January 12
USDJPY was very bullish until the buyers struck the supply level of 150.00. The market was trending higher on the daily chart from April to November. In June, the market declined to an oversold level. The Moving Averages (periods nine and twenty-one) crossed twice to show a retracement and a quick recovery of the bulls. The market rose from a 126.50 demand level.
USDJPY Key Levels
Supply Levels: 150.900, 142.000, 138.000
Demand Levels: 131.300, 126.500, 114.700
The second retracement occurred in August. The Williams Percent R indicates the market has dived into an oversold region. At the 131.30 demand level, a double-bottom reversal structure was visible. The prices crashed as the supply level of 150.90 was reached. The Moving Averages switched positions. In order to close below the 21-day moving average, the price declined.
USDJPY Short-term Trend: Bearish
A bearish channel guided the market to the support levels. A triple top at 138.00 fostered a sell-off. The Bears also repositioned themselves at 134.390, resulting in a massive bearish displacement. The market is currently oversold. The market is expected to retrace back to 131.300 to resume the downtrend.
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