Looks like the price will want to rise further in the long term.
USDJPY possibly making its way up to the upper resistance area after hitting the $130.404 support level.
USDJPY Weekly Price Analysis – March 31
At the moment the USDJPY pair faces the positive side. There is a higher probability of a price-breaking resistance zone; if the buy traders can double their efforts, the Yen price might further rise to retest the $150.286 previous high and beyond.
Resistance levels: $130.000, $140.000, $150.000
Support levels: $120.000, $110.000, $100.000
USDJPY Long-term Trend: Bullish
On the daily chart, the USDJPY pair is trading above the moving averages, which means that it’s in a bullish trend zone.
The bulls’ high pressure on the currency pair in the past few days further led to an increase in the price of the Yen in its recent high.
The bull’s action increases the price up to the $130.814 resistance level even as the daily session opens today. A break above $0.002183 would intensify the buying pressure on the crypto.
Increased momentum by the bulls pushes the market price of USDJPY further up to the $132.436 supply level above the moving averages as it journeys up north. A break above the $150.286 value would intensify the buying pressure on the currency pair.
Additionally, there are more bullish runs to come as indicated by the daily signal which now points in an upward direction. This suggests that the price of USDJPY will still definitely rise further above the current supply level soon and this might reach the $160.000 upper resistance value in the days ahead in the long-term outlook.
USDJPY Medium-term Trend: BullishUSDJPY is having a bullish posture in its medium-term outlook. The price bar can be seen above the supply trend lines. The sustained bullish pressure in the past few hours has retained the strength of the crypto above the supply trend levels.
The bulls caused an increase to the $131.984 resistance level above the moving averages as the 4-hourly chart opens today.
Reaction from buyers further increases the price action of USDJPY up to the $132.436 supply level. This confirms the presence of more bulls in the market at the moment. If buyers should intensify their efforts, the price might retest the $137.911 supply level soon.
Hence, the daily stochastic which is pointing up also indicates that the price of USDJPY is in an uptrend and may likely remain or continue in the same direction, if this is achieved, the Yen price might reach the $160.000 high level in the nearby days in its medium-term outlook.
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