USDJPY: Upward Trend Still Dominates

The price bar is above the moving averages which makes it capable of rising upwards.
Buying may be considered at key area.

USDJPY Weekly Price Analysis – April 1
The price may continue its bullish movement if the daily candle closes above the $122.733 resistance level, the resistance levels of $123.062 and $125.106 may be the target.

USDJPY Market
Key Levels:

Resistance levels: $122.850, $122.950, $123.050
Support levels:     $121.270, $121.170, $121.070

USDJPY Long-term Trend: BullishThe momentum on the higher timeframes (1D) is starting to turn undeniably bullish. The lack of a bearish continuation is also distinctly bullish. 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 bearish pressure pushed the currency pair down to the $121.278 support level during yesterday’s session and sustained it.

The bears lost the momentum, as the daily chart opens today with the formation of a bullish candle at the $121.653 resistance level as the buyers continue to dictate the market at the moment.

Activities from the bulls further moved the price of the USDJPY up to $122.635 resistance level as the journey up north continues.

The market price of USDJPY is initially up at $122.734 significant level above the two EMAs, this indicates upward movement in the price of the Yen.

A further downward is unlikely as the momentum indicator shows the price signal is also moving upward at around level 65% as we expect price distribution to reach the $125.106 significant level in the days ahead in its long-term perspective.

USDJPY Medium-term Trend: BullishThe bulls are now progressing upward on the 4-hour time frame. The formation of a bullish candle with a wick at the $122.117 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 price of USDJPY up to the $122.523 resistance level.

Continuation to the north is confirmed by the bullish candle at the $122.733 resistance level as the high of the day at the time of writing this article.

Meanwhile, the price of USDJPY is pointing up in the oversold region of the daily stochastic around level 43%. This indicates that the price is in a bullish momentum and a buy signal in the medium-term.

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