USDJPY: Is Well On Its Way to $114.649 Support Level

USDJPY trade continues in its bullish momentum and may break down the support level.
The bears may continue the journey to the lower support area.

USDJPY Weekly Price Analysis – March 25
Should the bears increase their momentum, the support level at $114.649 may be retested.

USDJPY Market
Key Levels:

Resistance levels: $122.400, $122.450, $122.500
Support levels:     $121.180, $121.130, $121.080

USDJPY Long-term Trend: BullishUSDJPY is having a bullish posture in the long-term outlook. Buyers’ increased momentum pushes the price up to the $122.409 resistance level, in the daily chart yesterday. $122.324 resistance level, records the close of the day.

The formation of the bearish candle with a long wick at $122.325 support level, affirms the bears present in the market as the daily chart opens today.

USDJPY further drops to a $121.441 support level as the journey down south continues.

The market value of USDJPY is initially down now at $121.178 support level and trading above the two EMAs, this indicates the price of the currency pair is in an upward momentum in the context of the strength of the market.

USDJPY is around level 95% of the daily stochastic, the buying pressure has reached bullish exhaustion as the market is overbought. This implies that the selling pressure may continue in the days ahead in its long-term perspective.

USDJPY Medium-term trend: BullishThe currency pair is in a bearish trend in its medium-term outlook. The bears made a progressive movement to the north at a $122.406 resistance level after which the momentum was lost and the sellers took over and drop the price down to the $121.965 support level during yesterday’s session.

The momentum continues to downsides as the bears gradual in-road and moves the market price of USDJPY down to $122.054 support level as the 4-hourly chart opens today.

The sellers’ increased momentum further drops the market price of the Yen down to $121.178 support level.

The momentum lost as the bull’s gradual in-road moves the market price of USDJPY up to $121.643 resistance level.

The market price of USDJPY is initially up at $121.668 resistance level which is below the EMA-9, and above the 50-EMA, this implies that the bulls are gradually returning to the market.

The momentum indicator signal pointing up at around level 59% approaching the overbought region suggests that the price of the Yen going to experience an upward move in the latter days in the medium-term perspective.

Therefore, buyers may wait for this action to occur and take their position as desired.

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