Market Overview
The structure remains bullish as the buyers are dominating the higher time frame bias while defending last at 157.872. The price established dual change of character on 1 day time frame, reclaiming the level at 159.455 and establishing the fresh support at 157.872. The h4 and h1 time frame are following the 1d time frame bias, continuing the bullish structure.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance\H1 Resistance\M15 Resistance
As the structure is bullish on the higher time frame, there is no resistance formed by the price on any time frame. This confirms the continuation of bullish momentum further. Awaiting for the new structure.
Major Support
1D Support
157.872 – 157.449
Fresh Support Zone
Higher Probability Support Confluence Zone
H4 Support
157.592 – 157.538
Fresh Support Zone
Higher Time Frame Support Confluence Zone
H1 Support
159.101 – 159.012
Fresh Support Zone
Higher Time Frame Support Confluence Zone
M15 Support
159.974 – 159.551
Fresh Support Zone
Short Term Intraday Zone
These levels may act as decision zones during the week
Market Structure Outlook
Although the market structure favors the upside momentum as long as the last support is intact 159.228 on 1d time frame, in addition last week’s weaker cpi data for the US may continue to support the bullish momentum.
Weekly Trading Scenario
Although the structure favors buyers on the higher time frame as the buyers are defending the last support at 159.228. A break below 152.128 on 1d may open the door for downside momentum, establishing the fresh resistance at 159.115 . Similarly on the other hand a decisive close below 157.539 on h4 time frame would establish the character shift on h4 time frame while forming the fresh resistance at 158.719. Unless these levels remains intact the structure may continue to favor upside momentum
Bullish Scenario
Until the last support remains intact on 1d at 152.158 and on h4 at 157.539. The buyers will remain dominating until these levels are defended .
Bearish Scenario
A decisive close below 152.158 on 1d time frame and h4 at 157.539. This may support the character shift towards the bearish on higher time frame. While forming the higher resistance at 157.872 on 1d time frame.
Key Takeways
Higher timeframe bias: Bullish
Major resistance: No resistance formed by the price as the structure favors buyers on the higher time frame.
Major support: At 1d time frame 157.872
Although this USDJPY weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Therefore always wait for the confirmation’s before entering the trade and manage the risk properly.
Disclaimer
Although this analysis is for educational and informational purposes only. Therefore it does not constitute financial advice. However always manage your risk and trade responsibly.