USDJPY is facing more pressure from the bulls.
Overall market sentiment regarding the currency pair remains bullish.
USDJPY Weekly Price Analysis – February 10
USDJPY is facing an increase in buying pressure. The pair may likely continue its bullish movement if the daily candle closes above the $150.286 resistance level, and the Yen might further jump to the $155.000 upper resistance value and beyond.
Resistance levels: $148.000, $149.000, $150.000
Support levels: $129.000, $128.000, $127.000
USDJPY Long-term Trend: Bullish (Daily Chart)As we can see from the daily chart, the currency pair is in an upward move in its long-term outlook. The bulls’ increased momentum in the past few days pushed the price of the USDJPY up to $132.904 which was above the two EMAs in the resistance area and sustained it.
The bullish momentum continues after testing the low, as buyers move the market price of the pair from there up to the $131.218 resistance level as the daily chat opens today.
The bulls’ pressure on the currency pair pushes the price further up to the $131.416 supply level above the EMA-9 as the journey up north continues. This indicates an uptrend in the context of the market. The bulls are in control at the moment.
Further, the USDJPY price is pointing upwards indicating an uptrend as shown by the price indicator; it means that the buying pressure will continue. As a result of that, the bullish race might possibly reach the $155.000 resistance level in the coming days in its long-term outlook.
USDJPY Medium-term Trend: Bullish(4H Chart)
The USDJPY market price continues in an uptrend in its medium-term outlook. The pair’s market price is rising as we can see from the chart below. The sustained bullish pressure pushed the pair further up to the $132.904 high level during yesterday’s session.
Despite the interaction from the bears, the bulls successfully pushed the Yen price up to the $131.416 high mark above the resistance trend lines as the journey up north continues shortly after the 4-hourly chart opens today. 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 above the supply key levels.
Hence, a bullish impact by the buy investors toward the higher side is likely as indicated by the momentum indicator pointing in an upward direction, the bulls could therefore aim at the psychological level of $155.000 upper resistance value in the days ahead as the crypto remains firm above the supply levels in its medium-term perspective.
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