The currency pair is slightly in an upward momentum in the long-term outlook while the medium-term outlook is in a bearish movement.
The pair is experiencing more pulls from the buyers trying to gain grounds, patience needs to be exercised.
USDJPY Weekly Price Analysis – May 13
An increase in bulls’ pressure may push the price of USDJPY to retest the $131.253 resistance level.
Resistance levels: $130.800, $130.850, $130.900
Support levels: $127.500, $127.450, $127.400
USDJPY Long-term Trend: BullishUSDJPY is bullish on the daily chart. During yesterday's session, the impulse move to the $127.516 support level sustains the bearish momentum before the bulls took over.
Today’s daily chart opens with the formation of a bullish harmer candle at a $128.263 resistance level. This shows there is a high buying pressure on the currency pair.
Further pressure from the buyers moves the price of the Yen up to the $128.930 resistance level as it continues its journey to the north.
The market price of USDJPY is initially up at a $129.358 resistance level below the EMA-9 and above the EMA-50 which indicates an uptrend in the context of the strength of the market. The bulls are slightly in control at the moment.
The momentum indicator also affirms that the price signal is in an upward move pointing up at around level 44% in the oversold region implies that the momentum in the price of the Yen is in an uptrend and may likely remain in the same direction, this may compel the buying pressure to resume fully in the nearby days the long-term.
USDJPY Medium-term Trend: BearishUSDJPY is in a bearish market zone in its medium-term outlook. During yesterday's session, the bearish candle at the $128.077 support level sustained the bearish momentum.
Today’s 4-hourly chart opens on a bullish note at the $128.822 resistance level as the bulls’ in-road the market briefly.
The market value of USDJPY further rises to the $129.356 resistance level after which the bears enter the market and continue the journey down south.
The sellers in-road briefly and drop the price of the Yen down to the $128.832 support level below the two EMAs, this is an indication that the market is in a downtrend and the bears are in control of the market at present.
The daily stochastic signal pointing downwards at around level 39% approaching the oversold region indicates that the price of USDJPY is downward and this will compel the buying pressure to resume soon in the medium-term.
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