The currency pair now trades in a strong bullish market zone.
Buying may be considered at key resistance areas.
USDJPY Weekly Price Analysis – September 2
USDJPY is facing high pressure from the bulls. The price may continue its bullish movement if the daily candle closes above the $139.681 resistance level, the resistance levels of $139.670 and $139.710 may be the target.
Resistance levels: $139.580, $139.680, $139.780
Support levels: $132.500, $132.400, $132.300
USDJPY Long-term Trend: Bullish
USDJPY is strongly bullish on the daily chart. The buyers are in control of the currency pair at the moment. The bullish momentum has pushed the coin to find resistance at a $139.004 high level during yesterday’s session and sustained it.
The bullish momentum has been triggered and the price now at $139.681 above the moving averages in the upper resistance value indicates a more bullish impact on the pair. This is an opportunity for the buy traders to place their orders at the key supply areas. This will actually result in more gains for the bulls.
Next, a further downward is unlikely at the moment as the momentum indicator shows more buy traders clustering around the market in the overbought region,
we can now expect the price distribution of USDJPY to reach the $139.670 supply level and beyond in the days ahead in its long-term perspective.
USDJPY Medium-term Trend: BullishDespite the interference of short-term traders in the price flow, the 4-hourly chart market shows a bullish race.
The formation of a bullish candle at a $139.681 resistance level above the moving averages as the 4-hourly chart opens today affirms the bullish presence in the market. The bullish race might continue if the current support level holds and the buyers increase their tension in the market.
The market value of the USDJPY pair is initially up at the $139.740 supply level which is above the two EMAs as at the time of writing this article; this suggests that the market is still in an uptrend and buyers remain dominant in the market.
Therefore, we can expect a shift in trend towards $139.670 and beyond soon as the buy traders continue with the uptrend in its medium-term outlook.
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