USDJPY: Upward Pressure Still Dominates

USDJPY price stays above the EMAs as the bulls took to gain the market momentum.
Buyers may put in their aggressive orders.

USDJPY Weekly Price Analysis – November 12
USDJPY price is trending upward and this may break up the upper resistance level at $114.689

USDJPY Market
Key Levels:

Resistance levels:   $114.330, $114.350, $114.370
Support levels:      $109.200, $109.100, $109.000

USDJPY Long-term Trend: BullishThe currency pair looks tasty for the bulls here in the long-term outlook as can be seen from the chart. The bullish pressure at $114.015 in the resistance area on the 10th of November breaking the EMA-9 moved the Yen up and sustained it through yesterday’s session as the bulls takes over the market.

The daily chart opens today on a bullish note at $114.057 in the resistance area. Increase momentum by the bulls moves the price further up to $114.228 in the resistance area.

The price of USDJPY is initially up now at $114.309 above the two EMAs in the resistance area an indication that the price of the Yen is in an uptrend.

The stochastic oscillator signal pointing up at around level 86% in the overbought region indicates that the price movement is in an uptrend and sellers are expected to emerge soon in the days ahead in the long-term. Hence, buyer’s relief.

USDJPY Medium-term Trend: BullishOn the 4-hour chart, the currency pair is in an upward trend zone. The moving averages are sloping upward indicating the uptrend.

The sustained bullish pressure pushes the pair further up at $114.301 in the resistance area during yesterday’s session.

Today’s 4-hourly chart opens with a bearish candle at $114.282 in the support area as the bears return briefly to the market.

Activities from the buyers further drop the currency pair down to $114.139 in the support area.

The price of USDJPY is initially down at $114.065 in the support area above the two EMAs, this indicates that more buyers are in the market at the present.

However, divergence is noticed as the signal of the stochastic oscillator signal points down at around level 89% in the overbought region. It suggests the overall outlook shows upward momentum while a temporary drawdown may occur within the range in the days ahead 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.