USDJPY price might possibly increase further due to the high influence by the bulls.
Looks like price will want to rise again in the medium-term.
USDJPY Weekly Price Analysis – June 9
The USDJPY price is set to rise further which is another opportunity to buy. The Yen is actually in an uptrend. The bullish run may likely continue provided the buy investors add more strength to their actions and push the currency pair upward. The coin might turn upsides further to the $160.00 high level and beyond.
Resistance levels: $130.000, $140.000, $150.000
Support levels: $120.000, $115.000, $110.000
USDJPY Long-term Trend: Bullish (Daily Chart)
USDJPY remains in a bullish trend in its long-term outlook. The bulls are really trying not to fall this time around. Further, the coin prices are traded above the two EMAs, this confirms a bullish trend.
The sustained bullish pressure pushed the currency pair up to the $139.993 supply level during yesterday’s session and sustained it. This has made it capable for the coin to remain firm in an uptrend in is recent times.
The drop in the price of USDJPY to the $139.125 low value as the daily chart commenced today has no serious effect on the market as the price remains in an uptrend. Should the Yen price turned up from the $139.125 support and jump above the $148.248 supply mark, the bearish thesis would get invalidated.
Adding to this, should the bulls prove stronger and exchange hands with the bears at the mentioned support, the price could turn upside to hit the $150.286 previous supply level which could in turn lead the USDJPY price to the $160.000 upper resistance level in the days ahead in its higher time frame.
USDJPY Medium-term Trend: Bearish (4H Chart)
The price of USDJPY is in a bearish move in its medium-term outlook. The prices are seen slightly below the moving averages, this is due to the brief returns of sellers which may soon fade off.
The currency pair has been having an interference with the sell traders in the previous action and has dropped the price below the supply levels in its recent high.
Currently, the USDJPY pair is trading at the resistance level of $139.495 slightly below the two EMAs; this assures or confirms the bull’s gradual return to the market. However, the currency pair could grow further if the buy traders managed to break up the $140.918 previous high level, maintaining a further growth potential for the buy traders.
Additionally, the daily stochastic remain in an upward direction. Hence, if the buy traders manage to break above the $140918 previous supply trend line, the market participants may witness a new recovery rally and this may likely reach the $160.000 high mark in the days ahead in its medium-term perspective.
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