USDJPY Strikes the 138.0 Supply Zone
Login

USDJPY Strikes the 138.0 Supply Zone

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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 Strikes the 138.0 Supply Zone

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 Strikes the 138.0 Supply Zone

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.

Do you want to take your trading to the next level? Join the best platform for that here 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News