Looks like the price will want to bounce up again in the medium-term.
USDJPY possibly making its way up after hitting the $132.887 resistance level.
USDJPY Weekly Price Analysis – August 12
In case the support level of $131.734 holds, the price may reverse and face the resistance levels at $136.965 and $138.376.
Resistance levels: $135.580, $135.680, $135.780
Support levels: $131.734, $131.674, $131.574
USDJPY Long-term Trend: BearishOn the daily chart, the USDJPY pair is in a bearish trend zone. The bears’ pressure on the currency pair at $132.032 support level further led to a decrease in the price of the Yen during yesterday’s session.
The daily session opens today at a $132.871 low level slightly below the moving averages; this implies that the momentum in the price of the pair is in a downtrend.
Should the buyers add more strength to the activities in the market and all support level holds, the price might turn upsides and reach above the key levels on the high side.
Meanwhile, the price indicator pointing upwards at around level 43% approaching the overbought region is telling us that the price USDJPY might likely reverse and face the upside soon in its long-term view.
USDJPY Long-term Trend: BearishThe price movement of USDJPY is a bearish move in its medium-term outlook. The sustained bearish pressure moved the pair down to the $132.605 support level during yesterday’s session and sustained it. The momentum was lost as the buyers’ returned briefly and moves the price of the Yen up to a $132.868 high level as the daily chart opens today.
The buyers’ activities further move the market price of USDJPY further upward to the $132.989 resistance level slightly below the moving averages: this means that the bulls are coming into the market gradually to dominate the market and the sellers are getting weaker.
Thus, the buyers may likely continue the upward move as indicated by the price indicator which is pointing up at around level 24% in the oversold region. This indicates that the selling pressure has ended and the buyers are expected to continue with the bullish trend which may possibly reach a significant level of $138.376 resistance level in the days ahead in the medium-term outlook.
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