The overall outlook of the currency pair market is bullish in trend.
The bears have temporal control in the market.
USDJPY Weekly Price Analysis – March 18
USDJPY price now trades at the top part of the rising channel close to the upper resistance area.
Resistance levels: $118.500, $118.550, $118.600
Support levels: $112.740, $112.620, $112.500
USDJPY Long-term Trend: BullishUSDJPY price may head towards $118.900 resistance level as currency pair’s traders turn bullish. After a few days of increased actions by the bulls, the momentum lost, and bears returned to take over. $118.702 bearish candle opened yesterday’s session in the support area with $119.025 high and low at
$118.365 after which the buyers in-road and took over.
A bullish candle at $118.588 resistance level opens today’s daily chart as the buyers continue to dictate the market at the present.
Activities from the bulls further move the market price of USDJPY up at $118.754 resistance level as the journey up north continues.
The significant level of the USDJPY pair is initially up at $118.802 resistance level above the two EMAs which are fanned apart, an indication of upward momentum in the price of the Yen.
Meanwhile, the price of USDJPY is in the overbought region of the daily stochastic pointing upwards at around level 92%. This indicates that price might remain in a bullish momentum and a buy signal in the nearby days in the long-term.
USDJPY Medium-term Trend: BullishThe currency pair is in a bullish trend in its medium-term outlook. The bulls’ increased momentum moved the price up to $118.690 resistance level with its wick touching the EMA-9 during yesterday’s session.
The formation of a bullish candle at $118.698 resistance level as the 4-hourly chart opens today affirms the bullish presence in the market.
The impulse move by the buyers further moves the market price of USDJPY up to the $118.798 resistance level, as the buyers continue to dictate the market price at the moment.
The market price of USDJPY is initially up at $118.806 resistance level above the two EMAs, which indicates that the momentum in the price of the currency pair is in an upward move at the present.
The momentum indicator pointing up at around 64% also shows that the price signal is also moving upward in the market as we expect the price distribution to reach a $118.900 significant level in the medium-term perspective.
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