The currency pair is still in a sideways movement in the long-term while the medium-term outlook is in a bullish move.
Patience is required at this period.
USDJPY Weekly Price Analysis – September 24
Staying above the EMAs can lead to strong growth for USDJPY.
Resistance levels: $110.450, $110.500, $110.600
Support levels: $108.400, $108.300, $108.200
USDJPY Long-term Trend: RangingUSDJPY is in a range-bound market in its long-term perspective. The bulls’ pressure was sustained as it continues to push the price of USDJPY further up breaking the two EMAs with a large bullish candle at $110.350 in the resistance area during yesterday’s session as the pair continues consolidation.
The market continues in its sideways as it opens today’s daily chart at $110.323 in the resistance area within the range.
The price of USDJPY is initially up at $110.447 in the resistance area.
With the price of USDJPY above the two EMAs and the stochastic signal pointing up at around level, 81% suggests that the momentum in the price of the Yen is in an uptrend within its range.
USDJPY is in consolidation and trading between $110.810 in the upper resistance area and $108.865 in the lower support area of the range. A breakout at the resistance area or a breakdown at the support area may occur hence patience is required to allow this to happen before a position is taken.
USDJPY Medium-term Trend: Bullish The currency pair is in a bullish trend in its medium-term perspective. The pair faces rejection at level $109.796 as the Pound resumed an upward move during yesterday’s session.
Today’s 4-hourly chart opens with a bullish candle at $110.370 in the resistance area.
The price further rises to $110.447 in the resistance area which is above the two EMAs. Buyers are in control of the market at the moment. The EMA-9 and EMA-50 are moving upward indicating an uptrend.
The USDJPY pair is around level 97% range of the daily stochastic in an upward direction in the overbought region, this suggests that the pair might likely remain in the same trend which is an uptrend, in the nearby days in the medium-term.
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.
Leave a Reply