USDJPY is facing more pressure from the bulls.
The currency pair is on the verge of more upsides.
USDJPY Weekly Price Analysis – March 24
USDJPY is facing an increase in buying pressure and has a potential for bullish pattern continuation. The pair may likely move higher above the current resistance level if buyers should triple their efforts to forecast a bullish increase in the market above the $150.286 supply value, the $160.000 upper resistance level might be reached.
Resistance levels: $148.000, $149.000, $150.000
Support levels: $129.000, $128.000, $127.000
USDJPY Long-term Trend: Bearish (Daily Chart)
As we can see from the daily chart, the USDJPY pair is in a bearish market zone in its long-term outlook.
The bulls’ action at the $131.035 supply value during yesterday’s session tried to push above the resistance level but couldn’t, this made the Yen remain in green below the supply trend level in its recent high. The market is presently facing resistance at the recent high.
The bulls responded to the shift in the trend and made an increase to the $132.478 supply trend level below the two EMAs as the daily chart opens today, an indication of a downward trend.
Activities from the bulls further push the price of USDJPY up to the $132.931 supply level below the two EMAs as the journey up north continues: evidence of bullish recovery and growth in bullish momentum.
In addition to that, the daily stochastic also indicates an uptrend. Therefore, if coin buyers
could sustain the price of USDJPY above the $150.286 high mark and close the daily candle above the mentioned resistance level, a potential buy signal will be clarified. In light of this, the currency pair could pump or surge upsides to hit the $160.000 resistance value in the days ahead in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
On the medium-term outlook, the USDJPY pair is in a resistance zone. Firstly, the price has broken above the EMA-9 which indicates a possible rise of the pair.
The bullish pressure at the $132.631 supply value in the previous action has sustained the
coin price above the resistance levels in its recent high.
Today, the currency pair made an upward move to the $132.885 supply mark above the EMA-9 indicating a more bullish impact on the Yen. Thus, a further increase in the buying pressure may likely prolong the ongoing correction which might stop any bearish thesis in the future.
Additional efforts from the long traders further drove the price of USDJPY up to the $132.919
resistance level above the EMA-9, this indicates that the bulls remain dominant and are having the market price at their disposal at the moment. Further increase in the buying pressure will lead the price of USDJPY to the upper resistance levels.
Hence, should buyers intensify their efforts and push the currency pair above the previous high of $137.911 level; further selling pressure will be disturbed. With this, the price of USDJPY may likely continue the bullish correction race and might possibly reach the $160.000 upper supply value in the days ahead in its medium-term perspective.
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