Looks like the price will want to drop again the more.
USDJPY possibly making its way down after hitting the $134.266 support level.
USDJPY Weekly Price Analysis – June 24
USDJPY is facing increasing pressure from the bars and it could continue to slide if it breaks$126.551 the low level as the bears aim to drag the market price to the downside.
Resistance levels: $136.700, $136.750, $136.800
Support levels: $131.400, $131.350, $131.300
USDJPY Long-term Trend: Bullish
The currency pair is bullish on the daily chart as the price action can be seen slightly above the moving averages.
From here, the bears started to step into the market and dropped the value of USDJPY down to the $134.711 support level as the daily chart opens today.
Increased momentum by the bears drops the price further down to a $134.729 low level as the journey to the south resumes.
The current price distribution at the $134.511 support level which is slightly above the two EMAs suggests that the bulls are getting weaker and the bears are trying to in-road the market gradually.
The momentum indicator shows that the price signal is also moving downwards at around level 62% in the overbought region, this suggests that USDJPY may continue the downward trend as we expect more sellers to continue the downward movement as the market turns bearish in the days ahead in the long-term perspective.
USDJPY Medium-term Trend: BearishOn the 4-hourly chart, the market is in a downward move. The sustained bullish pressure pushes the pair further up at the $135.225 resistance level during yesterday’s session.
The bulls lost the momentum as the daily chart opens today with a bearish candle at a $135.113 low level as the sellers continue with the trend.
The price action of USDJPY further drops to the $134.730 support level as the sellers aim to drag the price downside.
The market value of the USDJPY pair is currently trading at $134.544 low level below the two EMAs which are glued together; this implies that the momentum in the price of the Yen is in a downtrend.
The stochastic oscillator signal pointing down at around level 22% suggests the overall outlook shows downward momentum and may likely remain and continue in the same direction in the nearby days in the medium-term.
Hence, sellers can take their desired position at the moment.
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