USDJPY: Will Soon Reverse to the Uphill Trend

USDJPY is having a bullish posture in the long term and showing a bearish display in the medium-term outlook.
Price may break out of the support trend line soon.

USDJPY Weekly Price Analysis – October 28
The USDJPY may likely face the upsides after completing the dip-lows. Hence, a further increase in the bulls’ action may trigger the Yen up and breakout the previous high at the $150.286 mark, this may extend the price action to reach the $160.000 resistance trend line and beyond.

USDJPY Market
Key Levels:
Resistance levels: $150.100, $150.200, $150.300
Support levels:  $146.200, $146.100, $146.000

USDJPY Long-term Trend: BullishThe momentum on the long-term outlook is still in an uptrend despite the inflows from the sell traders. The price bar can be seen slightly above the EMA-50. Thus, the bulls are capable of pushing higher from this trend line.

The bears also hindering the market price of USDJPY from being smashed by the bulls made a drop in price to the $147.905 support level above the EMA-50 but below the EMA-9 as the daily session resumes today.

The market value of USDJPY is initially down now at the $145.104 support level and trading above the EMA-50, this indicates the price of the currency pair is in an upward momentum in the context of the strength of the market.

Thus, should the bulls change their orientation and the buying pressure persists, the coin will possibly give a bullish breakout of the bearish pattern as the market is oversold already. This may eventually lead the currency pair to the $160.000 high mark in the coming days in its long-term perspective.

USDJPY Medium-term Trend: BearishThe USDJPY pair is in a bearish trend in the medium-term outlook. The short traders are now involved in the order flow. Further, the price bars are below the moving averages.

The formation of a bearish candle at a $146.058 support level below the moving averages opens today’s 4-hourly chart.

The sell traders further dropped the Yen down to a $145.766 support level. The momentum was lost as the long traders made a correction from the mentioned support and push Yen’s price up to the $146.476 supply mark to resume the bullish race.

More so, if the buy traders should increase their price action, and bullish momentum is sustained, the USDJPY price may likely pump up to a significant level at a $160.000 value and beyond in the upside before the close of today. This signals a BUY trade again in its medium-term time frame.

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