Market Analysis – March 2
USDJPY price is rising steadily on the daily timeframe. The Bulls have reached their first resistance level of 138.00 after the trend reversal in January.
USDJPY Key Levels
Demand Levels: 127.0, 130.0, 124.00
Supply Levels: 138.0, 142.0, 150.0
USDJPY Long-term Trend: Bullish
USDJPY turned bearish in October after the daily candles pushed above the upper Bollinger Band. The bears seized the opportunity for a selloff. The MACD (Moving Averages Convergence and Divergence) indicator gave a sell signal after the supply level of 150.0 was tested. The daily candles swerved to rest below the Moving Averages within the Bollinger Band.
The bearish channel guided the price action to the support level of 127.0. Large bearish candles with gaps aided the speed of the fall in price.
USDJPY Short-term Trend: Bullish
The Buyers engaged the market aggressively in January. This fostered the ascent to form a Change of Character (ChoCh) pattern. A bullish order block rests at the support level of 130.00. The Moving Averages are currently resting below the daily candles, showing an uptrend. The price has ascended to the next supply level of 138.0. The 138.0 supply level is threatened as the Buyers seek liquidity at 142.0.
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