USDJPY: A Bullish Signal

USDJPY looking nice, price trades above the resistance zone.
Overall market sentiment regarding the currency pair remains bullish.

USDJPY Weekly Price Analysis – March 11
In case the resistance level of $116.478 holds, the price may reverse and face the support levels at $115.383, $114.699, and $114.649.


USDJPY Market
Key Levels:

Resistance levels:    $116.150, $116.250, $116.350
Support levels:        $114.610, $114.410, $114.210

USDJPY Long-term Trend: BullishThe USDJPY pair still trades in an uptrend in its long-term perspective. The bulls’ pressure on the currency pair at the $115.814 resistance level further led to an increase in the market price of the Yen during yesterday’s session, so best to position ourselves accordingly and see how far this can go.

The bulls make a progressive movement to the north at $116.132 breaking the upper resistance line at $116.132 resistance level as the daily session opens today.

Activities from the bulls further moved the price of the USDJPY up to $116.466 resistance level as the journey up north continues.

The market price of USDJPY is initially up at $116.478 upper resistance level above the two EMAs, this indicates a bullish movement in the price of the Yen.

The momentum indicator shows the price signal which is pointing down in the overbought region at 99% might likely resume the selling pressure in the nearby days in the long-term.

USDJPY Medium-term Trend: BullishUSDJPY continues in an uptrend market in its medium-term outlook. Just like usual, the pair’s market price is going up as we can see from the 4-hourly chart.

Today’s 4-hour opening candle at $116.291 upper resistance level is bullish as the bulls remain dominant in the market.

The impulse move by the buyers further moves the price of USDJPY up to $116.503 resistance level.

Continuation to the north is confirmed by the bullish candle at the $116.537 resistance level as the high of the day at the time of writing this article.

Meanwhile, the price of USDJPY is pointing up in the overbought region of the daily stochastic around level 93%. This indicates that market price is in a bullish momentum and a buy signal also this may compel the selling pressure to resume soon in the medium-term perspective.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.