The currency pair now trades in the upper resistance area.
USDJPY is facing more pressure from the bulls.
USDJPY Weekly Price Analysis – December 31
In case the support level of $115.082 holds, the price may increase to the resistance levels at $115.200 $115.214, and $115.221.
Resistance levels: $115.190, $115.290, $115.390
Support levels: $109.120, $109.020, $108.920
USDJPY Long-term Trend: BullishThe currency pair is in a bullish trend zone market in its long-term outlook. The sustained bullish pressure moved the pair’s price further up to $115.221 as high in the resistance area during yesterday’s session.
The daily chart opens today with the formation of a bullish candle at the resistance area at $115.003 as the bulls remain in control of the market.
The reaction from the bulls pushes the price of USDJPY further up to around $115.126 in the resistance area.
The price of USDJPY remains at $115.196 which is above the two EMAs in the upper resistance area as at the time of writing this article. This suggests an upward momentum in the price of the Yen.
The stochastic oscillator signal pointing up at around level 95% in the overbought region suggests the overall outlook shows upward momentum while a temporary drawdown may occur within the range in the days ahead in the long term.
USDJPY Medium-term Trend: BullishUSDJPY is in a bullish market zone in its medium-term perspective. The formation of a bullish candle at $115.060 in the resistance area opens today’s 4-hourly chart.
The price of USDJPY moves up to $109.424 in the resistance area as the bulls remain dominant in the market.
The journey up north continues as the price further rises to $115.157 in the resistance area.
The bears return briefly and drop the price of USDJPY down to $115.082 in the support area.
The momentum lost as the buyers’ in-road and pushes the price up at $115.196 in the resistance area at the time of writing this article.
The price is above the two EMAs in the upper resistance area, this indicates the presence of more bulls in the market.
However, the stochastic oscillator signal pointing up at around level 84% in the overbought region suggests the momentum in the price of USDJPY is in an uptrend and more sellers are expected to emerge soon in the medium-term.
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