USDJPY Signals Strong Bullish Momentum Ahead
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USDJPY Signals Strong Bullish Momentum Ahead

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Azeez Mustapha

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Market Analysis – December 18

USDJPY signals strong bullish momentum ahead. The market demonstrates bullish momentum, supported by technical indicators. The 9-period Simple Moving Average (SMA) acts as dynamic support, with the current price trading above it, indicating an uptrend. The Relative Strength Index (RSI) at 66.68 suggests strong buying pressure.

USDJPY Key Levels

Demand Levels: 156.740, 161.810, 170.000
Supply Levels: 148.640, 139.580, 133.740

USDJPY Signals Strong Bullish Momentum Ahead

USDJPY Long-Term Trend: Bullish

USDJPY indicates a Break of Structure (BOS) around $156.740, reinforcing the continuation of the bullish trend. A key Order Block (OB) around $156.740 serves as a potential demand zone for further buying opportunities. The pair has consistently respected this support level while breaking previous resistance zones, suggesting the bulls are in control.

Looking ahead, the market is projected to continue its bullish rally. A possible retracement to the OB area around $156.740 could provide an opportunity for buyers to re-enter the market. The price is likely to target the next resistance level at $161.810, with an extended bullish projection toward $170.000 if momentum persists.

USDJPY Short – Term Trend: Bearish

USDJPY Signals Strong Bullish Momentum Ahead

USDJPY is currently retracing from the resistance level at $157.920, as indicated by the minor rejection at this price. The Fibonacci retracement levels highlight key support zones, with $154.980 (61.8%) and $154.180 (78.6%) serving as strong potential reversal points.

The 9-period SMA at $156.660 aligns with a possible support zone, which may act as a springboard for bullish continuation. A resumption of the upward trend is expected to target the resistance at $161.810, following the completion of the retracement phase.

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