The currency pair still trades in a bullish market zone.
Buyers remain dominant in the market at the moment.
USDJPY Weekly Price Analysis – March 3
At the moment the USDJPY remains on the positive side. The price may likely soar higher and break up the $150.286 high mark if the bulls could add more aggression to their buying actions in the market. The target might be the $160.000 upper resistance value.
Resistance levels: $140.000, $141.000, $142.000
Support levels: $130.000, $129.000, $128.000
USDJPY Long-term Trend: Bullish
The currency pair trades in a bullish trend zone in its long-term view. The sustained bullish pressure on the currency pair in the past few days has sustained the Yen price above the supply trend levels in its recent high. This has enhanced the price to stay in green and ready for an upward performance
The USDJPY price on the daily chart today is currently facing resistance and trading at the $136.471 correction level. Further, the rising prices reclaimed more confirmation for a bullish recovery.
Therefore, if the bulls should increase their tension in the market, the price tendency may likely break up the $150.286 resistance value, resulting in an intraday gain for the buy traders.
In addition, the daily stochastic indicates an upward trend, this means that the buy investors may likely continue with the bullish correction pattern to break up the current supply value which might further extend the USDJPY price to reach the $160.000 resistance mark soon in its long-term outlook.
USDJPY Medium-term Trend: Bullish
The currency pair’s orientation trades in a bullish market in its medium-term outlook. The price bar is seen above the moving averages.
The intervention from the bulls at $136.845 in the previous action has made the coin price stay above the supply trend line.
The market value of USDJPY jumps up to the $136.078 high level above the two EMAs shortly after the commencement of the 4-hourly chart today, indicating that positive sentiment is returning to the market. Thus, buyers need to add more pressure to their activities to move the market beyond the current price level.
In addition, the USDJPY market is showing more upside possibilities as shown by the daily stochastic pointing upwards; we can certainly expect more gains and strength from the coin.
The pair may likely grow to retest the $150.286 resistance level in the days ahead in its medium-term time frame.
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