USDJPY: Is Gaining Momentum

The overall outlook of the currency pair market is bullish in trend.
Buying may be considered at the key areas.

USDJPY Weekly Price Analysis – October 8
Staying above the two EMAs can lead to strong growth for USDJPY.

USDJPY Market
Key Levels:

Resistance levels:   $111.800, $111.900, $112.000
Support levels:       $109.000, $108.000, $107.000.

USDJPY Long-term Trend: BullishUSDJPY is in a bullish market zone in its long-term outlook. The bull’s increased momentum pushed the price of the currency pair up at $111.651 above the two EMAs in the resistance area during yesterday’s session and sustained it.

Today’s daily chart at $111.607 opens with a bullish candle. The bulls’ pressure on the pair pushes the price further up at $111.928 in the resistance area.

Price is above the two EMAs’ which indicates an uptrend in the context of the strength of the market. The bulls are in control at the moment.

The stochastic signal pointing up at around level 86% in the overbought region implies that the momentum in the price of the USDJPY is in an uptrend in the long term. Hence seller’s relief.

USDJPY Medium-term Trend: BullishThe currency pair is in a bullish trend zone in its medium-term perspective. The bullish candle at $111.625 in the resistance area during yesterday’s session sustains the bullish momentum up.

Today’s 4-hourly session opens on a bullish note at $111.718 in the resistance area.

Price further rises to $111.928 as it journeys to the north. Bears return briefly and drop the price down to $111.896 in the support area which is above the EMAs.

With the Yen’s price above the two EMAs, this is an indication that the market is in an uptrend and the bulls are in control of the market at the present.

However, the stochastic oscillator signal pointing upwards at around level 92% in the overbought region suggests that the price of USDJPY may likely continue in the same trend in this case an uptrend, in the nearby days in the medium-term.

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