USDJPY: Bullish Trend May Continue

USDJPY price stays above the EMAs as the bulls took to gain the market momentum.
Buyers may put in their aggressive orders.

USDJPY Weekly Price Analysis – November 19
When the bulls pressure increase, the price may penetrate the $114.118 and increase to the $114.848 price level.

USDJPY Market
Key Levels:

Resistance levels:   $114.200, $114.300, $114.400
Support levels:       $109.200, $109.100, $109.000

USDJPY Long-term Trend: BullishThe currency pair is in a bullish trend zone in its long-term perspective. The sustained bearish pressure pushed the currency pair down to $113.935 in the support area on the 17th of November. The bulls returned briefly and moved the price of USDJPY up at $114.487 in the resistance area during yesterday’s session and sustained it.

A bullish candle at $114.244 in the resistance area opens today’s daily chart as the buyers continue to dictate the market at the present.

The price of USDJPY which is up at $114.370 in the resistance area revolving above the two EMAs suggests that the bulls are gradually returning to the market.

The stochastic signal pointing up at around level 74% approaching the overbought region indicates that the momentum in the price of USDJPY is in an uptrend and sellers will soon emerge to push the price of USDJPY down in the future in the long-term and in this case, a downward trend.


USDJPY Medium-term Trend: BullishThe currency pair is in a bullish trend zone in its medium-term outlook. The formation of a bullish candle with the wick at $114.321 in the resistance area as the 4-hourly chart opens today affirms the bullish presence in the market.

The impulse move by the buyers further moves the price of USDJPY up to $114.360 in the resistance area.

Price is initially up at $114.399 in the resistance area which is above the two EMAs indicates that the buyers are in control of the market at the moment.

The stochastic oscillator signals pointing up at around level 45% suggest that buyers are beginning to take over the market and may likely continue in the same direction in the nearby days in the medium-term.

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