Market Analysis – October 29
USDJPY sustains an uptrend amid broader bullish structural alignment The USDJPY pair continues to maintain its broader bullish trajectory, trading consistently above the 9-day simple moving average positioned near $152.00. The long-term ascending trendline remains intact, confirming steady upward momentum in alignment with higher-timeframe market sentiment. The Stochastic Oscillator, hovering around the 77 level, indicates that price is moderately overbought but still within a sustainable bullish zone. Overall, technical indicators collectively reflect continued strength in the dollar against the yen, underpinned by firm market structure and supportive fundamentals.
USDJPY Key Levels
Supply Levels: 154.800, 158.880
Demand Levels: 146.600, 139.880
USDJPY Long-Term Trend: Bullish
From a technical standpoint, the pair recently rebounded from the $150.90 support region, maintaining its position above the key psychological threshold of $150.00. Price action has been characterized by consistent higher lows and higher highs, confirming the continuation of the broader bullish channel. The Fibonacci retracement levels between $149.90 and $153.20 highlight an active consolidation phase within the broader uptrend, where buyers continue to defend short-term pullbacks. Sustained trading above the dynamic support line reinforces market confidence and suggests accumulation before a potential upward extension.
Looking forward, USDJPY is expected to resume its upward advance toward the immediate resistance at $153.20, with a possible extension to $154.80 if bullish momentum strengthens. A confirmed daily close above $153.20 would validate the next bullish leg and open room for further appreciation toward $158.80 in the medium term. However, if price retraces below $150.90, it may temporarily test $148.80 before buyers reassert control. Overall, the prevailing technical landscape favors a continuation of the long-term bullish bias.
USDJPY Short-Term Trend: Bearish
USDJPY is showing bearish momentum on the four-hour chart as price retraces toward the 4-hour order block near $153.00. The 9-period SMA is currently acting as dynamic resistance, keeping price pressure to the downside. A potential rejection from this supply zone could drive the pair below $151.00, confirming sellers’ dominance. If bearish momentum persists, price could extend toward the $148.80 zone and possibly retest the ascending trendline.
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