The long-term and the medium-term outlooks are both in an upward momentum; price now trades above the EMAs.
Overall, the buyer seems to be in control of the market above $115.358.
USDJPY Weekly Price Analysis – November 26
It is necessary to verify if the price will hold at the $115.304 support level or will do a pullback and continue its upward trend.
Resistance levels: $115.150, $115.250, $115.350
Support levels: $109.200, $109.100, $109.000
USDJPY Long-term Trend: BullishUSDJPY is in a bullish move as we can see undeniably from the daily chart. The pair now trades around the upper resistance area. The impulsive move by the bulls at $114.962 on the 22nd of November and $115.523 on the 24th of November which break the upper resistance line in the resistance area was resisted during yesterday’s session as the bears resumed to the market.
The daily chart today opens at $115.318 in the support area as the bears return briefly to the market.
The momentum in price drops down to $114.650 in the support area as it journeys down south.
The price of USDJPY is initially down now at $114.593 which is a little bit below the EMA-9 in the support area; an indication that the momentum in the price of the Yen is in an upward trend.
With the stochastic oscillator signal pointing downwards at around level 85% in the overbought region, suggests that sellers may emerge soon fully to push the price of USDJPY down the more and in this case a downtrend, in the latter days in the long-term.
USDJPY Medium-term Trend: BearishThe currency pair looks nice and is in a bearish trend in its medium-term outlook. The formation of a long bearish candle at $114.679 with its wick touching the EMA-50 in the support area during yesterday’s session reaffirmed the presence of the sellers in the market and sustained it.
The pressure from the bears continues as the 4-hourly chart opens today at $114.871 in the support area.
The journey down south continues as the bears drop down the price of USDJPY further at $114.502 in the support area.
The Yen now trades at $114.452 in the support area which is below the two EMAs.This implies the bears are dictating the USDJPY market at the moment.
The stochastic oscillator signals pointing down at level 7% in the oversold region imply the momentum in the price of USDJPY may likely encounter a trend reversal and in the case an uptrend, meaning that buyers are expected to emerge soon in days ahead in the medium-term.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.