The currency pair remains strong above the EMA-50.
Buyers are currently dictating the price movement.
USDJPY Weekly Price Analysis – October 13
At the moment the USDJPY pair remains strong at $149.32, surpassing the EMA-50. If the long traders could prove stronger and the price shows sustainability above the $149.87 previous high value, its upside moves could extend further to reach a $150.00 high level and beyond.
USDJPY Market
Key Levels:
Resistance levels: $142.00, $143.00, $144.00
Support levels: $140.00, $139.00, $138.00
USDJPY Long-term Trend: Bullish
The USDJPY pair portrays a bullish sentiment in its long-term perspective. The Yen price remains strong above the EMA confirming the high impact of buyers in the market at the moment.
The sustained bullish pressure pushed the currency pair up to the $149.09 supply level during yesterday’s session and sustained it. This has made it possible for the coin to remain firm in an uptrend in its recent high.
The momentum continues today as the bulls made a corrective move to a high at the $149.32 mark above the supply level as the daily chart opens today. This shows the high impact of the buy investors on the USDJPY market; likewise, the downside risk remained uncertain.
Thus, a potential breakout from the current resistance of $149.32 will give additional confirmation for a bullish recovery, if the bulls can increase their efforts in the market.
Additionally, fresh entries by the buy investors toward the higher side are likely as indicated by the momentum indicator pointing in an upward direction, the bulls will continue to remain strong and could therefore aim at the psychological level of $150.00 resistance value soon as the pair remains strong, surpassing the EMA line in its long-term perspective.
USDJPY Medium-term Trend: Bullish
The currency pair’s orientation trades in a bullish market in its medium-term outlook. The price bar remains strong above the EMA-50, confirming an uptrend.
The intervention from the bulls at $148.70 in the previous action has made the USDJPY price stay above the supply trend line in its recent high.
At the time of writing, the bulls made an upward move to a $149.31 high value above the supply trend levels as the 4-hour chart opens The USDPY price looks promising as the bulls remain strong and dominant in the market at the moment.
If the bulls should increase their price action, and bullish momentum is sustained far above the resistance trend lines, further bearish sentiment will be hibernated.
Additionally, the daily stochastic remains in an upward direction. Hence, if the coin buyers manage to break above the $149.98 previous supply trend line, the market participants may witness a new recovery rally and this may likely reach the $150.00 high mark soon in its medium-term time frame. This signals a BUY trade again in its medium-term time frame.
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