USDJPY – Staying In The Bullish Trend Zone

The overall outlook of the currency pair market is in a bullish trend.
The bears have temporal control in the market.

USDJPY Weekly Price Analysis – June 18
Should the bear’s increase their momentum, the support level of $104.233 may be broken down, which may drop the price to the previous low of $104.164 and $104.160.

USDJPY Market
Key Levels:

Resistance levels:   $110.900, $110.920, $110.930
Support levels:       $104.233, $104.230, $104.227

USDJPY Long-term Trend: BullishUSDJPY pair is in an upward move in its long-term perspective. The bears increased momentum drops the price of the Yen down to $104.164 in the support area during yesterday’s session.

Today’s daily chart at $110.164 in the resistance area opens with a bullish candle.

Price is initially at $110.330 in the resistance area above the two EMAs’ which indicates an uptrend in the context of the market. The bulls are in control at the moment.

The stochastic signal pointing downward at around level 79 % in the overbought region implies that the momentum in the price of USDJPY may likely encounter a trend reversal and in this case a downtrend in the nearby days in the long term.

USDJPY Medium-term Trend: BullishThe currency pair is in a bullish trend zone in its medium-term outlook. On June 16, the currency pair broke above the EMA-9 as the buying pressure resumes.

The momentum was lost as sellers came in and drop the price of the Yen down to $110.164 in the support area after which the bulls came in briefly and move the price of the Yen up to $110.330 in the resistance area during yesterday’s session.

Today’s 4-hourly chart opens on a bearish note at $110.309 in the support area.
Price further drops to $110.160 in the support area at the time of writing the article.

With the USDJPY’s price above the EMA-50, this suggests that the market is in an uptrend and the bears are gradually inroad to the market at the present.

However, the stochastic oscillator signal pointing downwards at around level 42% in the oversold region suggests that the price of the Yen may likely encounter a change in trend in the nearby days in the medium-term.

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