Looks like the price will want to trigger up and a bullish trend could begin soon.
USDJPY is possibly making its way up after hitting the $146.55 support level.
USDJPY Weekly Price Analysis – December 8
The USDJPY bullish trend could begin soon as the pair at the moment is currently recovering and facing the resistance level. Thus, if the coin closes above a $151.90 high mark, the accelerated buying pressure may increase the price to hit the $152.50 upper resistance level, resulting in an intraday gain and a potential buy signal for the buy traders.
Resistance levels: $145.00, $146.00, $147.00
Support levels: $138.00, $137.00, $136.00
USDJPY Long-term Trend: Bearish
On the daily chart, the USDJPY pair is trading below the moving average, which means that it’s in a bearish trend zone. Meanwhile, the bullish trend could begin soon as we can spot the new rising pattern below the supply level.
The bears’ pressure on the currency pair at the $146.55 support level during yesterday’s session further led to its bearishness in its recent price level.
The bears lost momentum, as the daily chart opens today with the formation of a bullish pin bar candle at the $147.49 supply level below the EMA-50 as buyers begin the bullish trend and continue to dictate the USDJPY market at the moment.
This level is critical for the resumption of the uptrend and, therefore, must be defended at all costs.
Similarly, the Yen is pointing up around level 24% in the oversold region of the daily stochastic. It indicates that the market may continue the bullish trend and because of that the pound is rising to the upsides sooner and this may reach the $152.00 upper high level soon in the long-term perspective. Hence buyers should wait for this to happen before taking a position.
USDJPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a bearish move. The price movement of USDJPY is currently seen to be below the moving average in the medium-term outlook. Further, the bulls are set to begin the bullish trend as soon as the new correction moves have just started.
The sustained bearish pressure at the $146.77 low value in the past few hours has dropped the Yen price below the supply levels in its recent price level.
The market value of the pair is now down at $130.223 support level as the bears move into the market again to pull the price down south.
The price of USDJPY is now trading at a $147.29 supply level below the EMA-50; this implies an indication of gradual returns of buyers into the market.
Should the bulls increase their pressure, the resistance level of $147.29 may not hold and it may extend to the $151.83 previous high level and beyond.
Furthermore, the daily stochastic which is pointing up on the daily signal also indicates that the price of USDJPY may continue its bullish trend and may likely remain in the same direction, this may likely hit the $152.00 upper high level soon in its medium-term outlook.
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