USDJPY daily chart overview.

USDJPY daily chart overview.

The USD/JPY daily chart provided shows a strong bullish trend that has been prevailing for a considerable period, with key market structures highlighted. Here’s an overview of the chart:

Key Points:

1. Bullish Order Block (Highlighted Zone):
   • A clear bullish order block is marked around the 144.000 level. This indicates a demand zone where price previously reversed upward, suggesting potential support in future retracements.
2. Break of Structure (BOS):
   • A “Break of Structure” (BOS) is labeled, indicating a significant price movement above previous highs. This typically confirms the continuation of the bullish trend.
3. Recent Price Action:
   • Price reached a high near the 152.000 level before retracing to the downside.
   • The retracement suggests a potential retest of lower levels, possibly revisiting the marked bullish order block near 144.000.
4. Current Price Levels:
   • The current price sits around 150.130, showing slight bearish momentum after failing to maintain the highs above 152.000.
5. Outlook:
   • If the bullish order block near 144.000 holds, a rebound could follow, potentially leading to another rally toward the 152.000 level and beyond.
   • A break below the 144.000 level might invalidate the bullish outlook and shift the focus to further downside levels.

Possible Trading Opportunities:

• Bullish Scenario:
  • Look for long positions if the price retraces to the bullish order block zone and shows strong bullish reversal signals.
• Bearish Scenario:
  • Short positions could be considered if the price decisively breaks below the 144.000 zone with strong bearish momentum.