USDJPY is facing more pressure from the bears.
There is a possibility for the pair to experience a bullish reversal price action soon
USDJPY Weekly Price Analysis – March 17
The USDJPY pair is about to resume an uptrend after completing the low-dips. The coin will rise soon and there is a possibility for the pair to experience another bullish reversal price action. Should the forces from buyers in the market increase and the current support level at $132.628 holds, the Yen might possibly rise to retest the previous high of $150.286 value and beyond.
Resistance levels: $150.000, $150.100, $150.200
Support levels: $132.000, $131.000, $130.000
USDJPY Long-term Trend: Bearish
The USDJPY pair indicates a downward trend with a bearish sentiment in its long-term perspective. The price can be seen below the moving average lines, confirming its bearishness.
The sustained bearish pressure dumped the currency pair down to the $134.109 low level during yesterday’s session and sustained it. This has made it capable for the pair to remain in a downward trend in its recent low.
Pressure from the short traders further dropped the price of USDJPY to a low at$132.663 value below the supply trend levels as the daily chart opens today.
The price of USDJPY is initially down at the $132.573 support level below the two EMAs, this suggests a bearish trend in the context of the strength of the market. Should the bulls prove stronger and exchange hands with the bears at the aforementioned support, the Yen might likely turn positive to retest the $150.286 previous high.
In addition to this, further downside is unlikely as the market price of USDJPY now trades below the 10% range of the daily stochastic at the oversold region. This means that the selling pressure is exhausted; this will bring the emergence of the bulls to resume the uptrend soon. If this is achieved, the upcoming bullish pattern may turn positive to retest the $150.86 previous swing high in the days ahead in its long-term outlook.
USDJPY Medium-term Trend: Bearish
The USDJPY market price continues in a downtrend market in its medium-term outlook. The pair’s market price is dropping as we can see from the chart below. The sustained bearish pressure dropped the pair further down to the $133.982 support level during yesterday’s session.
Further, after the brief returns by the bulls, the sell traders continue with the low-dips move and dropped the price of USDJPY down to the $132.628 support level shortly after the 4-hourly chart opens today as the bears continue to dictate the market conditions at the present.
An increase from the bears further dropped the Yen price to a low at the $132.621 value below the supply trend levels indicates that the bears are dominant and in control of the price action at the present.
Meanwhile, there is a possibility for the USDJPY to turn upside as the pair is already oversold. This will cause a quick change in the trend as the bulls resume the uptrend soon. In light of this, the bullish trend pattern may possibly reach the $150.86 resistance value in the days ahead in its medium-term view.
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