USDJPY : Price Still Trades In Uptrend

The currency pair is in a bullish trend in both the long-term and the medium-term outlook respectively.
Patience is required at this period.


USDJPY Weekly Price Analysis – August 27

Should the buyers increase their momentum, the resistance level of $111.097 may be retest.

USDJPY Market
Key Levels:

Resistance levels:  $111.000, $111.005, $111.010
Support levels:      $107.424, $107.420, $107.416


USDJPY Long-term Trend: Bullish

USDJPY is in a bullish trend zone in its long-term outlook. The bull’s impulsive movement moved the pair up to $110.230 in the resistance area during yesterday’s session.

A bearish spinning top hammer at $110.083 opens today’s daily session in the support area within the range.

USDJPY further drops to $109.885 in the support area, above the two EMAs. An indication of upward momentum in the context of the market.

The stochastic oscillator signal pointing up at level 55% suggests that the momentum in the price of USDJPY may likely continue in the same direction in the days ahead in the long term perspective.

USDJPY Medium-term Trend: Bullish USDJPY is in a bullish trend market in its medium-term outlook. The bears’ pressure was sustained as it continued to push the price of USDJPY further down to $109.964 below the EMA-9 in the support area during yesterday’s session.

However, the formation of the pin bar hammer at $110.083 in the support area at the close of yesterday’s session signals a trend reversal. Hence bulls’ brief return.

Bears continue the journey down south as the 4-hourly chart opens today at $110.055 in the support area.

The bulls’ returns briefly and move the price up at $109.991 in the resistance area within the range.

The price of USDJPY is initially up at $109.991 in the resistance above the EMA-50, this implies that the market trend is in an uptrend.

However, the stochastic signal pointing down at around level, 60% in the oversold region suggests that the momentum in the price of the Yen may likely encounter a trend reversal and in this case a downtrend in the future in its medium-term outlook. Patience is required here before taking a position.

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