USDJPY: Potential Long Opportunity

The currency pair now trades in a strong bullish market zone.
Buy investors may take their desired position in the key areas.

USDJPY Weekly Price Analysis – September 23
The USDJPY market price is facing the positive side and this may continue if the buyers aggressively increase their tension in the market and retain or hold the price above the $146.500 supply level. The price action may extend to a$150.000 high level and beyond.

USDJPY Market
Key Levels:
Resistance levels: $145.700, $145.800, $145.900
Support levels:   $142.500, $142.400, $142.300

USDJPY Long-term Trend: BullishUSDJPY pair is in a bullish market in its higher time frame. The prices are still moving in an ascending trend signaling bullish momentum. The bulls made an increase in the market value of the Yen to $144.704 as the high of the day in the supply area during yesterday’s session and sustained it.

This however gives the buyers more strength to continue the upward rally as the price movement jumped to a $145.900 high value above the moving averages as the daily chart opens today. This simply means that the buyers are having the price of USDJPY at their disposal at the present.

Additionally, there is a possibility of more upsides as indicated by the daily stochastic which is pointing upwards; this suggests that the momentum in the price of the Yen is still in an uptrend and this may likely continue.

We can now expect the buyers to push the market value up to a $150.000 supply value and beyond as we watch the market turns strongly bullish soon in the higher time frame. Hence, buyers may take their position as desired.

USDJPY Medium-term Trend: BullishThe USDJPY pair is in a bullish trend in its medium-term outlook. The price bar can be seen above the moving averages.

The bulls made an impulse move to the $145.362 resistance level above the moving averages as the 4-hourly session begins today. This indicates an uptrend in the momentum of the pair and a buy signal.

However, the stochastic oscillator signal pointing up at around level 91% in the overbought region suggests an upward momentum in the price of the USDJPY.

Therefore, the currency pair may likely reach a high at $150.000 sooner as the journey up north continues in its medium-term outlook.

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