Staying above EMA-50 can lead to strong growth for USDJPY.
USDJPY is facing more pressure from the bears.
USDJPY Weekly Price Analysis – June 11
In case the resistance level of $110.000 holds, the price may decrease to the support levels at $103.509 $103.500, and $103.491.
Resistance levels: $109.455, $109.460, $109.465
Support levels: $103.509, $103.500, $103.491
USDJPY Long-term Trend: BullishThe currency pair is in a bullish trend zone market in its long-term outlook. The sustained bearish pressure drops the pair’s price further down to $109.314 as low in the support area during yesterday’s session.
The daily chart opens today with the formation of a bullish candle at the resistance area at $109.314 as the bulls are returning in a grand style into the market.
The reaction from the bulls pushes the price of USDJPY up to around $109.454 in the resistance area.
A divergence is noticed as the signal of the stochastic oscillator points sideways at level 49% in the overbought region and the price stays above the EMA-50. It suggests the overall outlook shows upward momentum while a temporary drawdown may occur within the range in the days ahead in the long-term.
USDJPY Medium-term Trend: BearishUSDJPY is in a bearish market zone in its medium-term perspective. The formation of a bullish doji candle at $109.402 in the resistance area opens today’s 4-hourly chart. An indication that the bulls are making in-road to the market.
The price of USDJPY moves up to $109.424 in the resistance area as the bulls gradually entering the market. The journey up north continues as the price further rises to $109.428 in the resistance area at the time of writing the article.
Price is below the two EMAs which are joining together this indicates the presence of more bears in the market.
However, the stochastic oscillator signal pointing up at around level 32% in the oversold region suggests the momentum in the price of USDJPY may likely experience a trend reversal in the days ahead in the medium-term.
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