The USDJPY pair remains strongly bullish above the $150.00 Supply mark.
The currency pair sends a clear bullish signal that the bulls are still strong.
USDJPY Weekly Price Analysis – November 10
At the moment the USDJPY remains on the positive side. The pair now jumps above the $150.00 supply trend level. In case the bulls’ pressure breaks above the current trading level, the Yen price may increase further to a $152.00 upper resistance trend line which indeed will be a turnaround for the long traders.
Resistance levels: $148.00, $149.00, $150.00
Support levels: $143.00, $142.00, $141.00
USDJPY Long-term Trend: Bullish (Daily Chart)
USDJPY pair remains in a bullish trend as the price now jumps above the supply trend levels in its long-term outlook. This is clear as we can see the prices trading above the moving average lines indicating an uptrend, this confirms a bullish trend.
The bulls were able to push the currency pair up to the $150.31 resistance value during yesterday’s session and have enhanced the price to stay above the supply trend levels in its recent high.
The USDJPY price on the daily chart today is currently facing overhead resistance and trading at the $150.79 supply level above the EMA-50, resulting in an intraday gain for the long traders.
Hence, if the buy traders could prove stronger and successfully keep the USDJPY prices above the $150.79 high mark, the Yen price may likely jump above its previous swing high at the $151.72 value which might put a hold on any further bearish moves.
Additionally, the pair remains in an uptrend on the daily stochastic, this means that the bulls may likely continue with the bullish pattern and this might drive the USDJPY price to hit the $152.00 upper resistance level as soon as the pair trades and jumps above the supply mark in its long term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
USDJPY indicates an upward trend with a bullish sentiment as the price now jumps above the $150.00 supply mark in its medium-term perspective. The market is presently seen progressing upward and facing the upper resistance at the recent high.
Buyers are confident about gaining higher levels and this confirms their high impact in the market at present.
The buy investors’ jump above the $150.29 supply mark in the previous action has enabled the Yen price to remain strong above the supply trend lines in its recent high.
The bulls made a corrective move to a high at the $150.79 supply mark above the EMAs as the 4-hourly chart opens today. This shows the high impact of the buy investors on the USDJPY market; likewise, the downside risk remained uncertain.
Notably, the underlying sentiment suggests an uptrend continuation in the coming days as indicated by the daily stochastic. It is expected of buyers to push the price of USDJPY further up to a significant level and in this case, the target might be the $152.00 upper resistance level in the days ahead in its medium-term perspective.
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