Price rejection is imminent at the mentioned support.
USDJPY is likely to face the upside and favor the bulls.
USDJPY Weekly Price Analysis – December 30
The USDJPY pair may likely turn around and face the upside as the market is oversold. Should the bulls exchange hands with the bears at the $133.904 low level and push higher, the pair may likely turn upsides to hit the $150.286 previous high value.
USDJPY Market
Key Levels:
Resistance levels: $145.000, $146.000, $147.000
Support levels: $132.000, $131.000, $130.000
USDJPY Long-term Trend: Bearish
The currency pair is bearish on the daily chart as the price action can be seen slightly below the moving averages. The bulls caused an increase to the $134.500 supply level during yesterday’s session.
The bears overrode this as the price of USDJPY dropped down to the $133.321 support level below the moving averages as the daily chart resumes today.
Increased momentum by the bears drops the price further down to the $132.904 low level.
However, further selling pressure can be stopped if the bulls could prove stronger and break up the $148.848 supply level.
Additionally, the momentum indicator shows that the price of USDJPY is now approaching the oversold region, this suggests that possible price rejection is likely at the mentioned support value. If this is achieved the bullish run may possibly reach the $150.286 high mark in the coming days in the long-term perspective.
USDJPY Medium-term Trend: Bearish
On the 4-hourly chart, the USDJPY market is in a downward move. The sustained bearish pressure dropped the pair further down to the $133.397 support level during yesterday’s session and sustained it.
After a series of downward moves, the bulls made a pullback at the $133.240 high value below the two EMAs to indicate the return of the bulls to resume the bullish trend.
The price action of USDJPY further rises up to the $133.305 resistance mark as buyers aim to push the price to the upside.
In addition, the Yen is now trading at the oversold region of the market. This means that sellers are exhausted, therefore the bullish correction pattern may likely continue and this may hit the $150.286 supply trend line in the days ahead in its medium-term outlook.
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