USDJPY is having a bullish posture both in the long-term and medium-term outlooks.
The market may experience a trend reversal soon.
USDJPY Weekly Price Analysis – September 16
The currency pair may likely pull back at the $143.338 supply level if the sell traders should put more effort into their tension, the price of USDJPY may decline to a low at the $131.597 level and beyond.
USDJPY Market
Key Levels:
Resistance levels: $143.700, $143.800, $143.900
Support levels: $142.500, $142.400, $142.300
USDJPY Long-term Trend: Bullish
USDJPY is bullish on the daily chart bullish momentum within the range. The bear’s pressure on the currency pair at a $142.549 low level further led to a decrease in the market price of the Yen during yesterday’s session.
The sellers lost momentum as the daily chart opens today with a bullish candle at the $143.802 supply level above the moving averages.
However, divergence is noticed as the market price of USDJPY is now pointing downwards in the overbought region of the market. This means that the buying pressure has been exhausted and the sell traders will resume a downward move soon and the price may likely decline to the $131.597 support level in the days ahead in its higher time frame.
USDJPY Medium-term Trend: Bullish
On the 4-hourly chart, the market is in an upward move. The price bars are seen above the moving averages indicating an upward momentum.
Today’s 4-hourly opening chart opens with a bullish candle at the $143.131 resistance level as the bulls remain dominant at the present. However, the price of USDJPY may likely drop as the market is approaching the overbought region.
The sellers might possibly slump the price soon and in this case to a downtrend if the sell traders put more aggression to their activities in the market.
The price may possibly decline to a $131.597 low level soon in the medium-term perspective.
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