The currency pair is on ranging movement in the long-term while the medium-term outlook is in a bullish move.
Traders need to exercise patience in taking a decision.
USDJPY Weekly Price Analysis – September 17
At the moment, the USDJPY faces the positive side as the bulls aim to drag the market price to the resistance level of $110.600.
Resistance levels: $110.500, $110.600, $110.700
Support levels: $108.100, $108.095, $108.090
USDJPY Long-term Trend: RangingUSDJPY is in a sideways movement in its long-term perspective. The bulls and the bears are at the equilibrium level on the daily chart.
The buyers manage to push the price up to $109.829 in the resistance area as the high during yesterday’s session as the currency pair continues consolidation.
A bullish candle at $109.704 in the resistance area with its wick touching the two EMAs opens today’s daily chart within the range.
The price is initially up at $109.919 in the resistance area which is below the two EMAs which are glued together suggests more bulls pressure in the market and the stochastic oscillator signal pointing up at around level 28%, in the oversold region is an indication of an upward momentum within the range in the long-term.
USDJPY is ranging and trading between $111.616 in the upper resistance area and at $108.408 in the lower support area of the range. Patience coupled with a retest is needed before a position is taken.
USDJPY Medium-term Trend: BullishOn the medium-term outlook, the pair is in an upward move. The pair faces rejection at level $109.224 as the Pound resumed an upward move
Today’s 4-hourly chart opens with a bullish inverted candle at $109.799 in the resistance area.
The price further rises to $109.917 in the resistance area which is above the two EMAs. Buyers are in control of the market at the moment. The EMA-9 and EMA-50 are moving upward indicating an uptrend.
The USDJPY pair is around level 75% range of the daily stochastic in an upward direction in the overbought region, this suggests that the pair might likely remain in the same trend which is an uptrend, in the nearby days in the medium-term.
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