USDJPY: Remains Strongly Bullish

USDJPY looking nice, price trades above the resistance zone.
The price bar is above the EMAs which makes it capable of rising upwards.

USDJPY Weekly Price Analysis – April 15
The price may continue its bullish movement if the daily candle closes above the $126.554 resistance level, the resistance levels of $126.650 and $126.750 may be the target.

USDJPY Market
Key Levels:

Resistance levels: $126.500, $126.650, $126.750
Support levels:     $121.350, $121.200, $121.150

USDJPY Long-term Trend: BullishThe momentum on the higher timeframes (1D) is undeniably bullish as we can see from the chart. We’ve also more or less run out of time for the bears to take over again, so it seems likely that the bulls are about to take over and push us higher. There are multiple possible targets at this point, but either way, the pair looks quite bullish here, so best to position ourselves accordingly and see how far this can go.

The sustained bullish pressure moved the currency pair up to the $125.579 resistance level during yesterday’s session and sustained it.

Today’s daily chart opens with the formation of a bullish candle at $125.871 in the resistance area as the buyers continue to dictate the market at the moment.

Activities from the bulls further moved the market price of the USDJPY up to $126.459 upper resistance level as the journey up north continues.

The market value of USDJPY is initially up at $126.554 upper resistance level above the two EMAs which are fanned apart, this indicates upward movement in the price of the Yen.

The momentum indicator shows that the price signal is also moving upwards at around level 98% in the overbought region, indicating that USDJPY may continue the upward trend in the days ahead in the long-term perspective.
Hence, buyers may take a position as desired.

USDJPY Medium-term Trend: BullishOn the 4-hourly chart, the market is on an upward move. The sustained bullish pressure pushes the pair further up at the $126.358 resistance level and sustained it during yesterday’s session.

The formation of a bullish pin bar candle at $126.304 in the resistance level as the 4-hourly chart opens today affirms the bullish presence in the market.

The impulse move by the buyers further moved the market price of USDJPY up to the $126.487 resistance level.

Continuation to the north is confirmed by the bullish candle at the $126.449 resistance level as the high of the day at the time of writing this article.

Likewise, the momentum indicator shows the price signal of USDJPY is pointing up in the overbought region of the daily stochastic around level 95%. This indicates that the price is in a bullish momentum and a buy signal in the medium-term.

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