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Market Analysis – July 6
The USDJPY has been demonstrating a remarkably robust bullish trend since May 15th, supported by the consistent upward movement of the Average Directional Index. This upward momentum is characterized by a steep slope, which vividly portrays the remarkable strength and energy behind the surge in price.
USDJPY Key Levels
Demand Levels: 143.70, 142.20, 140.30
Supply Levels: 145.00, 146.00, 147.00
USDJPY Long-term Trend: Bullish
USDJPY Long-term Trend: BullishTaking a long-term perspective, the USDJPY trend clearly remains bullish, with several unmitigated bullish order blocks that have emerged during the current uptrend. The remarkable strength of the price has limited opportunities for pullbacks to support levels, thereby making it challenging for traders to effectively capitalize on the momentum of the trend.
While there have been a few instances of pullbacks to bullish order blocks, such as those observed on May 4th and June 1st, the market has generally provided limited room for pullback traders due to the relentless upward movement of the price. Consequently, traders have faced difficulties in finding favorable entry points within this strong and persistent bullish trend.
USDJPY Short-term Trend: Bullish
USDJPY Short-term Trend: BullishIn the short term, the bullish trend for USDJPY continues to hold firm. Notably, the recent testing of the bullish order block at 143.0 resulted in a rapid ascent of the price. Currently, the market is evidently making strides towards reaching the most recent high point at 145.0, showcasing the prevailing bullish sentiment in the market.
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