The currency pair is in an upward momentum in the long-term outlook while the medium-term outlook is in consolidation.
A break-up or break-down is imminent.
USDJPY Weekly Price Analysis – December 10
An increase in bulls’ pressure may push the price of USDJPY to a $115.523 resistance level.
Resistance levels: $113.900, $114.000, $114.100
Support levels: $109.180, $109.100, $109.000
USDJPY Long-term Trend: BullishUSDJPY is bullish on the daily chart. The impulse move to $113.270 in the support area during yesterday’s session sustains the bearish momentum within the range before the bulls took over.
Today’s daily chart opens with the formation of a bullish harmer candle at $113.454 in the resistance area. This shows there is a high buying pressure in the currency pair.
Further pressure from the buyers moves the price of the Yen up at $113.480 in the resistance area.
The price of USDJPY is initially up at $113.575 in the resistance area above the two EMAs which are glued together; these indicate upward movement in the momentum of the USDJPY price.
The stochastic oscillator pointing up at level 31% in the oversold region implies the trend may likely remain in an upward move in the days ahead in the long term.
Hence sellers’ relief.
USDJPY Medium-term Trend: RangingOn the 4-hourly chart, the market is in a sideways move. The moving averages are glued together in a straight line direction indicating a ranging movement.
The Bulls’ brief return at $113.394 in the resistance area opens today’s 4-hourly session.
USDJPY further rises to $113.458 in the resistance area as the bulls decide to take the price of the currency pair up as at the time of writing this article.
The price of USDJPY is initially up at $113.476 in the resistance area which is below the two EMAs, which is an indication of downward momentum in the price of the Yen.
The stochastic oscillator signal pointing in a parallel direction in the oversold region at 28% suggests indecision in the context of the market at the moment.
However, the price of the coin may likely encounter a trend reversal in the days ahead in the medium-term perspective.
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