The bulls are still dominating the market at the moment.
The USDJPY is currently bullish and remains stronger
USDJPY Weekly Price Analysis – September 29
The USDJPY price reaches its buying time and the market is currently running a bullish race as the pair is facing high pressure from the bulls. Conversely, if the Yen prices sustain above the level of $149.69 current price, the bulls’ trend would continue upward and possibly hit the $150.00 upper high level. Hence sellers’ relief
Resistance levels: $140.00, $141.00, $142.00
Support levels: $128.00, $127.00, $126.00
USDJPY Long-term Trend: Bullish (Daily Chart)
The USDJPY pair turns positive today. The price is strongly trading in a bullish momentum above the EMAs in its higher time frame. This looks nice for the buy trader and signifies a buying time for the interested traders.
The pressure from the bulls to the $149.18 supply value during yesterday’s session has sustained the currency pair above the supply trend levels in its recent high.
Today, the buy investors made a rally upwards to a $149.64 resistance level above the two EMAs; this implies an uptrend and also shows a bullish impact on the pair. Thus, more upsides are possible as buyers are seen clustered around the market presently.
Notably, the underlying sentiment suggests an uptrend continuation in the coming days as indicated by the daily stochastic. It is expected that buyers to push the price of USDJPY further up to a significant level and in this case, the target might be the $150.00 supply level in the higher time frame.
USDJPY Medium-term Trend: Bullish (4H Chart)
On the medium-term chart, prices are above the moving averages and have confirmed a bullish momentum breaking the previous high. The pair is in a smooth uptrend as can be seen from the chart below, hence a buying time for the long-term traders.
USDJPY is losing bearish momentum as it rises to a $149.70 high level above the moving averages as the 4-hour chart begins today. This is due to a high bullish impact on the market price.
Thus, a possible breakout from the current retracement at the $149.70 supply neckline will accelerate the buying momentum and push the prices higher to the upper resistance territory.
Additionally, there is a possibility of a bullish breakout if the bulls should add more effort to their tension in the market as the daily stochastic signal points in an upward direction; this indicates an uptrend and a bullish trend continuation. As a result of this, the next target could be the $150.00 high trend mark soon in the medium-term perspective.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.