USDJPY Sellers Await the Price to Hit the Supply Zone at 145.80

USDJPY Analysis – September 22

USDJPY sellers await the price to hit the supply zone at 145.80. The bulls in the market have been consistently driving prices beyond all resistance since the beginning of the year. After the breakout from the consolidation through January and February, market participants remained optimistic about the strength of the US Dollar.

USDJPY Significant Zones

Demand Zones: 135.50, 130.20
Supply Zones: 145.80, 152.30

USDJPY Long-Term Trend: Bullish

On the 28th of March, the market attained a swing high at 125.10 Japanese Yen. This swing high and the swing low at 114.6 were used to determine the next partial exit for the USDJPY buyers. At the –50% retracement level, USDJPY sellers strived with the bulls to sink the price lower, but the bulls eventually took over the market on the 27th of May, 2022. The bulls kept on rallying the price upward as they continued into an uptrend channel in May 2022.

On the 27th of May, 2022, the USDJPY buyers took control of the market from an oversold zone as revealed by the Stochastic indicator. With the previous resistance at 130.20 broken to the upside, the market kept on rallying upward within the upward channel. On the 14th of July, 2022, the market crashed downward, but only to bounce off the diagonal support that formed the channel. As the market recuperates from the oversold zone in September, the MA Cross confirmed that the market is now bullish and might remain bullish for a long time. With the swing low at 126.55 and the swing high at 139.39 of the impulse wave formed between June and July 2022, the Fibonacci retracement levels of –50% and –100% are projected to serve as potential entry points for USDJPY sellers.

USDJPY Short Term-Trend: Bullish

The current pattern on the four-hour chart appears bi-directional. The USDJPY sellers are expected to crash the market at the 145.80 supply zone until the liquidity below the old low at 141.50 is cleared off.

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