USDJPY looks bullish both in the long-term outlook and in the medium-term outlook.
Staying above EMA-50 can lead to strong growth for USDJPY.
USDJPY Weekly Price Analysis – December 3
Should the buyers increase their momentum, the resistance level of $114.962 may be retested. An increase in the bear’s pressure may decrease the pair below the support level of $112.670.
Resistance levels: $113.250, $113.350, $113.450
Support levels: $112.670, $112.570, $112.470
USDJPY Long-term Trend: BullishAs we can see from the daily chart, the currency pair is in an upward move in its long-term outlook. The bull’s increase momentum pushes the price of the USDJPY up at $113.330 above the EMA-50 in the resistance area during yesterday’s session and sustains it.
Today’s daily chart at $113.156 opens with a bullish candle. The bulls’ pressure on the currency pair pushes the price further up at $113.206 in the resistance area as the journey up north continues.
Price is initially at $113.256 in the resistance area above the EMA-50 which indicates an uptrend in the context of the market. The bulls are in control at the moment.
The stochastic signal pointing up at around level 22% 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 will compel the buying pressure to resume fully in the long term.
USDJPY Medium-term Trend: BullishUSDJPY is in a bullish market zone in its medium-term outlook. The bullish candle at $113.242 in the resistance area during yesterday’s session sustained the bullish momentum up.
Today’s 4-hourly chart opens on a bullish note at $113.073 in the resistance area.
The price of USDJPY further rises to $113.240 as it journeys to the north. With the currency pair’s price above the EMA-9, this is an indication that the market is in an uptrend and the bulls are in control of the market at the present.
The daily stochastic signal pointing upwards at around level 62% approaching the overbought region indicates that the price of USDJPY may continue and remain in an uptrend in the future.
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