Looks like the price will want to rise again in the long term.
USDJPY possibly making its way up after hitting the $137.294 support level.
USDJPY Weekly Price Analysis – July 22
In case the bulls increase their price action in the market and the support level of $137.294 holds, the price may increase to a $139.388 high level soon.
Resistance levels: $137.700, $137.800, $137.900
Support levels: $134.700, $134.600, $134.500
USDJPY Long-term Trend: BullishUSDJPY is bullish on the daily (1D) chart. The bears caused a drop in the market value of the Yen to a $137.294 low level during yesterday’s session.
This however makes the bulls more capable to rise further as the daily chart opens today at a $137.342 high level.
The market value of USDJPY is initially up at the $137.952 resistance level above the two EMAs, an indication of more buyers’ present and gradual returns of the buyers as well into the market.
Continuation to the north is also confirmed by the momentum indicator pointing upwards, this means that the price of the Yen may likely continue in its uptrend in the long-term perspective.
USDJPY Medium-term Trend: BearishUSDJPY is in a bearish market zone in its medium-term perspective. The bulls reach a high level of $137.896, the momentum lost as the bears resume briefly and drop the price of the Yen down to the $137.688 support level shortly after today’s 4-hourly chart.
The market price of USDJPY at $137.509 support value which is slightly below the two EMAs indicates that the trend is in a downward move.
However, the price of the Yen pointing down around level 35% of the daily stochastic means that the selling pressure will soon end, and the bulls may likely resume an uptrend and increase the price of the Yen to a significant level and $138.688 upper resistance level may be the target in its medium-term view.
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