USDJPY looks bullish both in the long-term outlook and in the medium-term outlook.
Staying above the two EMA-s can lead to strong growth for USDJPY.
USDJPY Weekly Price Analysis – January 7
At the moment the USDJPY faces the positive side as the bulls aim to drag the market price to the upper resistance level of $116.352.
Resistance levels: $115.800, $115.900, $116.000
Support levels: $109.100, $109.000, $108.900
USDJPY Long-term Trend: BullishAs we can see from the daily chart, the currency pair is in an upward move in its long-term outlook. The bears’ increase momentum pushed the price of the USDJPY down to $115.625 which was above the two EMAs in the resistance area during yesterday’s session.
The momentum lost as the bull took over the market from there as the daily chat opens today at $115.818 in the upper resistance area.
The bulls’ pressure on the currency pair pushes the price further up at $115.930 in the resistance area as the journey up north continues.
The price of USDJPY is initially up at $116.050 in the upper resistance area above the two EMAs which indicates an uptrend in the context of the market. The bulls are in control at the moment.
With the stochastic signal pointing up at around level 84% in the overbought region implies that the momentum in the price of the Yen is in an uptrend and may likely remain in the same direction, this may compel the selling pressure to resume fully in the nearby days the long-term.
USDJPY Medium-term Trend: BullishUSDJPY is in a bullish market zone in its medium-term outlook. The bullish candle at $116.050 in the upper resistance area during yesterday’s session sustained the bullish momentum up.
Today’s 4-hourly chart opens on a bullish note at $115.900 in the upper resistance area.
The price of USDJPY further rises to $115.938 in the upper resistance area as it journeys to the north.
The sellers in-road briefly and drop the price of the Yen down to $115.844 in the support area above the two EMAs, this is an indication that the market is in an uptrend and the bulls are in control of the market at the present.
The daily stochastic signal pointing downwards at around level 45% approaching the oversold region indicates that the price of USDJPY may likely remain in an uptrend in the future as this will compel the buying pressure to continue 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.