USDJPY Shows Resilience as Buyers Aim For a Breakthrough

USDJPY Analysis – February 8

USDJPY shows resilience as buyers aim for a breakthrough. The buyers have been determined to reclaim the next high, gaining significant strength this week and leaving the yen behind. Since the beginning of the year, buyers have been the dominant force in the market. The sellers’ campaign ended around the 139.800 price level, and since then, the market has experienced a strong reversal in favour of the bulls. Traders who have been utilizing the best forex signals have likely been profiting since January.

USDJPY Key Levels

Resistance Levels: 150.000, 152.000
Support Levels: 146.000, 139.800

USDJPY Long-Term Trend: Bullish

The buyers managed to slip past the sellers this week. The market reversed from the sellers’ attempt to drive through the significant level of 146.000.

The beginning of this month witnessed a stronger liquidity purge, and USDJPY started with a strong engulfing candlestick. Since then, the bulls have been on the run, aiming to drive even further towards the 150.000 market zone. The price liquidity remains high, indicating favourable conditions for buyers.

USDJPY Short-Term Trend: Bullish

The Parabolic SAR (Stop and Reverse) indicator is now favouring buying positions, further supporting the bullish sentiment. The next challenge for a breakthrough lies at the key level of 150.000. Therefore, a successful breakout could determine the price pressure in the coming days. Traders who have been utilizing the best forex signals have had a significant advantage in navigating the USDJPY market.

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