USDJPY Turns Bullish After Liquidity Grab

Market Analysis – October 13

USDJPY turns bullish as whales utilize the rich liquidity region. The major low established in early August 2022 was exploited to foster an uptrend. Since then, the price has been steadily rising. The Bulls have relentlessly dominated the market.

USDJPY Key Levels

Demand Levels: 144.300, 139.500, 133.000
Supply Levels: 151.600, 155.400, 159.000

USDJPY Long-Term Trend: Bullish

The market structure was broken in a bullish manner after the sweep at the main low price. This has led to the formation of a series of higher highs, indicating a positive outlook for the pair.

After reaching the first supply level of 144.300, the price found support as it once again swept liquidity. This enabled a quick transition from a supply level to a demand level.

As the price approaches the 151.300 supply level, its upward momentum slows down, suggesting a period of consolidation before a potential significant move.

USDJPY Short-Term Trend: Bearish

The market is currently consolidating while steadily reaching higher highs. The Relative Strength Index (RSI) indicates that the price is in the overbought zone (above 70.0), which suggests the possibility of a pullback to sweep the previous low before potentially continuing its upward movement.

 

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