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Market Analysis – July 1
USDJPY has broken through the psychological price barrier of 160.0. In May, USDJPY buyers initially failed to push through the resistance zone. However, after a significant pullback of 5.21%, the price has steadily ascended, surpassing the swing high at the resistance level of 160.0.
USDJPY Key Levels
- Demand Levels: 154.50, 151.90, 146.50
- Supply Levels: 160.00, 165.00, 170.00
USDJPY Long-term Trend: Bullish
USDJPY Long-term Trend: BullishThe USDJPY market structure is bullish, as new swing highs follow major swing lows. Buyers experienced exhaustion in May after a successful rise of nearly 10% since the major swing low formed in March, leading to the price decline observed in May.
The major lows formed in January and March were connected and projected to form a bullish trendline. This trendline helps predict future pullbacks and reversals, aiding in generating the best forex signals. The price pullback in May tested the trendline, creating a longing opportunity and increasing bullish momentum.
The Lorentzian Classification Indicator signaled a buy on June 20th. Shortly after, the price broke the swing high at 160.00, confirming the bullish trend.
USDJPY Short-term Trend: Bullish
USDJPY Short-term Trend: BullishOn the lower timeframe, the market structure also appears bullish. The price pulled back to a bullish order block, fostering the bullish momentum. Currently, the price is poised to establish a new swing high in the 4-hour timeframe, potentially surpassing the previous high of 161.00.
Overall, both the long-term and short-term trends for USDJPY are bullish. The break above the psychological level of 160.0, coupled with strong technical indicators and a clearly defined market structure, suggests continued upward momentum.
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