USDJPY is facing more pressure from the bears.
Overall market sentiment regarding the currency pair remains bearish.
USDJPY Weekly Price Analysis – December 9
The USDJPY pair may likely continue its bearish movement if the daily candle closed below the $132.032 support level, and the Yen might further collapse to the $126.551 lower support value and beyond. USDJPY: Dump Just Started, Watch out for Sell.
Resistance levels: $150.000, $150.100, $150.200
Support levels: $133.000, $132.000, $131.000
USDJPY Long-term Trend: Bearish
Analyzing the daily chart above, we can clearly see that the USDJPY price is trading below the moving average lines, this means that the momentum is in a bearish market zone in its long-term outlook. The increased momentum from the sell traders at the $136.215 low value during yesterday’s session has made the Yen price remain in a bearish market zone.
The bears lost momentum from here, as the bulls started to step back in and pushed the market higher to the current trading level at the $136.838 supply mark below the resistance trend lines as the daily chart opens today. This suggests a downward trend and the sell investors still remain dominant in the market.
The price action of the currency pair is initially up at $137.247 which is below the two EMAs; this suggests a downward momentum in the price of USDJPY at the present. The price bars which are below the moving averages make it capable of falling to the downside.
However, continuation to the downside is certain as the stochastic indicator also shows the price pointing downwards, we, therefore, expect the short traders to continue the bearish trend and the target might be the $126.551 support level in the coming days in its long-term perspective.
USDJPY Medium-term Trend: Bearish
The USDJPY market price continues in a downtrend market in its medium-term outlook. The pair’s market price is dropping as we can see from the chart below.
The sustained bearish pressure dropped the pair further down at the $136.269 support level during yesterday’s session.
Further, after the brief returns by the bulls, the sell traders continue with the low-dips move and dropped the price of USDJPY down to the $136.847 support level shortly after the 4-hourly chart opens today as the bears continue to dictate the market conditions at the present.
In like manner, the stochastic oscillator which is pointing downwards at around level 51% implies that the price of USDJPY is in a downward move and may likely continue in the same trend; as a result, the bears may further drop the price down to a $126.551 low value in the nearby days in its medium-term perspective.
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