It looks like the price of USDJPY will want to trigger up again.
The pair is making its way further up after hitting the $147.23 supply level.
USDJPY Weekly Price Analysis – September 15
USDJPY is on the positive side and also presenting a buy setup today. If the Yen price could sustain above the pattern supply trend line, the coin price may trigger up to the overhead resistance mark at the $150.00 level, thus a clear buy signal.
Resistance levels: $130.00, $135.00, $140.00
Support levels: $125.00, $124.00, $123.00
USDJPY Long-term Trend: Bullish (Daily Chart)
Upward pressure still dominates the USDJPY pair in the higher time frame. The coin price is which is presenting a buy set up now strongly trades above the moving averages with huge volumes from the bulls. Thus, the recent market structure has favored the bulls.
However, the bulls’ pressure to the $147.08 high value during yesterday’s session has sustained the coin price above the resistance trend levels in its recent high.
Today’s daily bullish candle at the $147.08 value which further rises to a $147.44 supply mark above the moving averages confirms the bulls’ dominance in the market.
However, there are bullish signals above the level of $147.42 which indicates a possible further increase in the market value of the USDJPY pair.
Further, the USDJPY price indicates an upward momentum on the daily signal, this indicates that the pair will continue to increase to the upsides and this may get to the $150.00 upper resistance trend mark soon in its long-term outlook. Hence a buy signal.
USDJPY Medium-term Trend: Bullish (4H Chart)
USDJPY is at the moment trading in the bullish trend market in the medium-term outlook. The price currently trades above the two EMAs presenting a buy setup. This breakout triggers a smooth bull cycle pattern, which in theory, should lead the prices to an overhead trend line.
The Yen has been having a series of higher highs and higher lows which has made it possible for the price to remain stronger in an upward trend in its recent high.
Earlier today, the bull run caused a rise in the price of USDJPY to a high at the $147.43 level above the moving averages. This current trend will enable the price to remain on the upside and rise or break to the upside. This however creates a strong area of interest for buyers.
Hence, with the price pointing upwards on the daily stochastic means that further upside is certain. It is therefore expected that the buy investors will move the price action up and may likely hit the $150.00 upper resistance level soon in its medium-term time frame.
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