The currency pair is slightly in a bullish market zone.
Buyers are having temporal control at the moment.
USDJPY Weekly Price Analysis – November 4
At the moment the USDJPY faces the downside and is traded at the oversold region, there is likely to be a bullish trend reversal soon if all the current support holds in place and buyers put more strength in their action, the upcoming bullish pattern might possibly increase the Yen price to hit the $150.000 supply mark and beyond.
AUDJPY Market
Key Levels:
Resistance levels: $148.800, $148.900, $149.000
Support levels: $146.500, $146.400, $146.300
USDJPY Long-term Trend: Bullish
The currency pair trades in a bullish flow in its long-term view. Despite the interference from the short traders, the USDJPY market still maintains a bullish trend in its long-term outlook. The bulls could not stop investing in the coin, so the general sentiment regarding the coin is bullish.
The momentum however remains bullish as the daily chart opens today with a bearish candle at a $146.820 support level above the EMA-50; this implies that buyers are still gaining more strength while the short traders are getting weaker.
Further, the market value of USDJPY pointing down around level 28% of the daily stochastic implies that the selling pressure will soon be exhausted. This will now compel the bulls to cluster around the market and turn the price to the upside.
The forthcoming bullish correction may possibly reach the $150.000 resistance trend line in the days ahead in the higher time frame as we watch buyers take over soon.
USDJPY Medium-term Trend: Bearish
The USDJPY pair is in a bearish market trend in its medium-term outlook. The price bar at a $146.968 low value at the moment is currently seen slightly below the moving averages. This means that the short traders are actively involved in the order flow and bearish sentiment at the moment.
The involvement of sellers may likely end soon if the bulls could change their orientation and move the market price of USDJPY up above $148.790, further selling pressure will be knocked out.
In addition, a shift in the trend to the upside is likely soon as the market is oversold. This will compel the buy traders to resume the upward rally and this time around the bulls may likely push us high to the $150.000 supply trend line soon in its medium-term perspective.
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