The USDJPY pair looks promising as it is making positive moves at the moment.
The bulls are still dominating the market at the moment.
USDJPY Weekly Price Analysis – February 2
At the moment the USDJPY looks promising and remains on the positive side. The Yen can swing up further and test the supply level of $151.90. Should the bulls increase their pressure, the resistance level of $147.89 may not hold and it may extend to a $152.00 high level and beyond with a rally for the best forex signal
Resistance levels: $145.00, $146.00, $147.00
Support levels: $140.00, $139.00, $138.00
USDJPY Long-term Trend: Bullish
The USDJPY pair looks promising and indicates an upward trend with a bullish sentiment in its long-term perspective. The pair is currently trading above the supply levels which confirms its bullishness at the recent high.
The sustained bullish pressure on the currency pair in the past few days has sustained the Yen price above the supply trend levels in its recent high.
The bulls’ action increases the price of USDJPY up to the $147.89 resistance level above the EMA-50 even as the daily session opens today. This however indicates an uptrend in the momentum of the price of the Yen and looks promising to the long traders. Thus, a break above $151.90 would intensify the buying pressure on the currency pair.
Similarly, the momentum indicator also signaled up indicating an uptrend. Buyers are expected to continue with the trend and in this case, the price of USDJPY might reach the $152.00 resistance value soon in its long-term perspective.
USDJPY Medium-term Trend: Bullish
On the medium-term outlook, the USDJPY pair also looks promising and remains in an upward trend. The pair has broken above the moving averages which indicates a possible rise of the pair. The pair is currently above the level of $147.76.
The bulls’ pressure at the $147.80 supply value during yesterday’s session has contributed to its bullishness in recent times.
The market price of USDJPY looks promising and it is currently trading at the $147.88 resistance level above the moving averages, this means that the bulls are in control of the market at the moment.
Additionally, the USDJPY looks promising while the uptrend is currently facing resistance at a level of $147.88, therefore if additional selling power is prevented the price may likely hit the previous high of $148.69 which may be exposed to the $152.00 upper resistance level soon in its medium-term perspective.
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