The currency pair is slightly in a bullish market zone.
Price reversal is likely soon.
USDJPY Weekly Price Analysis – November 11
USDJPY pair may bounce off the support line and break up the $150.286 previous high if the bulls should add more strength and push higher. The bullish correction rally may reach the $160.000 supply mark.USDJPY: Will Grow Again
Resistance levels: $150.200, $150.300, $150.400
Support levels: $146.500, $146.400, $146.300
USDJPY Long-term Trend: Bullish
The currency pair trades in a bullish flow in its long-term view. Despite the interference from the short traders, the USDJPY market still maintains a bullish trend in its long-term outlook.
The momentum however remains bullish as the daily chart opens today with a bearish candle at a $146.278 support level above the EMA-50; this implies that buyers are still gaining more strength while the short traders are getting weaker.
Further, the market value of USDJPY pointing up in the oversold region of the daily stochastic implies that the selling pressure will soon be exhausted. This will now compel the bulls to resume the uptrend and gain more strength.
The forthcoming bullish correction may possibly reach the $160.000 resistance trend line in the days ahead in the higher time frame as we watch buyers take over soon.
USDJPY Medium-term Trend: Bullish
The USDJPY pair is in a bullish market trend in its medium-term outlook. The price bar at a $146.253 high value at the moment is currently seen slightly above the EMA-9.
This means that the buy traders are actively involved in the order flow and bullish
the sentiment at the moment.
The involvement of sellers may likely end soon if the bulls could change their orientation and move the market price of USDJPY up above $150.286, further selling pressure will be knocked out.
In addition, a shift in the trend to the upside is likely soon as the market is oversold. This will compel the buy traders to resume the upward rally and this time around the bulls may likely push us high to the $160.000 supply trend line soon in its medium-term perspective.
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