USDJPY Market Annual Forecast
Resistance levels: $115.250, $115.350, $115.450
Support levels: $113.600, $113.500, $113.400
USDJPY Long-term Plan: BullishAs we can see from the Monthly chart, the currency pair is in an upward move in its long-term outlook. The bears’ increase momentum that has been on since December 2020 was lost, the buyers took over since Jan 2021 and pushed the price of the USDJPY up to $115.221 resistance level and sustained it.
The market at the moment is experiencing bearish pressure as the bears are rolling into the market at a $115.090 support level.
The USDJPY is dropping significantly as the bears moved the price further downwards to $113.633 support level.
The annual forecast according to the stochastic signal pointing downwards at around level 81% in the overbought region suggests that the price of the Yen has been dropping significantly downward. The market, however, is still solid and will race downward this year in 2022 as more sellers will emerge as the years continue.
USDJPY Medium-term Plan: BullishUSDJPY is in a bullish market zone in its medium-term outlook. On the weekly chart, the price movement is currently seen to be in the bull’s direction.
The price action by the bears from the 22nd November 2021 to 29th November 2021 at $113.051 to $ 112.532 price levels had made the market price to dropped significantly.
The bulls have since the 6th of December 2021 resumed an upward move till 3rd of January, 2022 and sustained it.
The bears are in now, dropping the market price of USDJPY to $113.820 and $113.636 support levels which are above the two EMAs at the moment.
Thus, the stochastic indicator pointing down at around level 82% in the overbought region implies the USDJPY market is in a downtrend at the moment so, more sellers are likely to emerge in the weeks ahead in its medium-term perspective.
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