USDJPY looks bullish both in the long-term and the medium-term outlook.
The pair is slightly going in favor of the bulls.
USDJPY Weekly Price Analysis – June 10
In case the bears increase their pressure and break down the support level of $121.278, the price may decrease to the $114.649 support level.
Resistance levels: $133.700, $133.750, $133.800
Support levels: $126.300, $125.300, $124.500
USDJPY Long-term Trend: Bullish (1D)The currency pair is in a bullish trend zone in its long-term outlook. USDJPY is very likely to continue moving downwards as we are seeing a weak turn up by the buyers. The Yen is facing a slight increase in selling pressure and it could continue to drop more.
The sustained bullish pressure pushed the currency pair up to a $134.557 high level in the resistance area during yesterday’s session and sustained it.
The bulls lost the momentum, as the daily chart opens today with the formation of a bearish candle at the $134.317 support level as the sellers begin to dictate the market at the moment.
The market value of USDJPY further drops to the $133.767 support level as it journeys down south.
The market price of the Yen which is initially down at the $133.728 support level above the moving averages is an indication that sellers are coming into the market gradually and the bulls are getting weaker.
The daily stochastic oscillator signal pointing downwards at around level 90% in the overbought region, implies that the pair is likely to further depreciate on the downside in the days ahead in its long-term perspective.
USDJPY Medium-term Trend: Bullish (4H)On the 4-hour chart, the pair is in an uptrend. The pair faces rejection at $134.209 support level as the 4-hourly chart opens today and resumes a downward move.
The impact from the sellers further dropped the market value of USDJPY down to $133.790 as the movement down south continues.
The initial price of USDJPY is currently down at the $133.644 support level above the two EMAs, an indication that the bears are coming in gradually into the market to stage a move and control the market at the moment.
Likewise, the daily stochastic pointing downwards at around level 71% in the overbought region is an indication of downward momentum in the price of the Yen, and may likely remain in the same direction in the nearby days in its medium-term perspective.
Hence sellers may take their position as desired.
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