USDJPY – Looks Good For the Bulls

The currency pair looks good for the bulls.
The long-term and the medium-term are both in an upward momentum.
Buyers may put in their aggressive orders at key areas.

USDJPY Weekly Price Analysis – December 20

The USDJPY pair is experiencing a sharp increase and looks good for the bulls to buy while it approaches the upper resistance level. The pair is trading in an uptrend channel and has broken the resistance level, suggesting a favorable buying opportunity for the long traders. If the bulls could push firmly and the Yen price sustained above the $161.95 peak barrier, the price may trigger up to the overhead resistance mark at $170.00, indicating a long position for buy trades.

USDJPY Market
Key Levels:
Resistance levels: $153.00, $154.00 $155.00
Support levels: $141.00, $140.00, $139.00

USDJPY Long-term trend: Bullish (Daily Chart)

The USDJPY pair is upward and looks good for the bulls in the higher time frame. The sustained bullish pressure at the $153.49 resistance level in the last action has enabled the Yen price to remain above the supply levels and looks good for the bulls in its recent high.

The journey up north continues, as the daily chart opens today with a bullish candle at the $154.08 high value above the EMA-50, suggesting a robust upward trajectory.

Thus, if the bulls breach the $161.95 resistance, the next price to watch out for would be around the $170.00 upper high level.

Additionally, the stochastic oscillator signal pointing up at around level 88% in the overbought region indicates the Yen may continue to look good for the bulls and a possible rise of the USDJPY pair in the days ahead. In this case, a continuation of an upward trend to the $170.00 upper resistance level may be reached soon in its higher time frame.

USDJPY Medium-term trend: Bullish (4H Chart)

The USDJPY looks good for the bulls as it remains bullish in the medium-term time frame. The price is above the moving average line, indicating a bullish trend.

The increase in the momentum by the bulls at the $153.82 supply value in the previous session has enabled the USDJPY price to stay strong above the resistance lines and looks good for the bulls in recent times.

The market price of USDJPY is above the EMA line at the $154.08 supply level as the 4-hourly chart opens today; affirming the presence of more buyers in the market as it remains good for the bulls to buy.

Hence, an upside breakout above the $156.74 high level with a 4-hourly candle closing will offer buyers a solid foothold to push the USDJPY price higher.

Notably, the currency pair is pointing up around the level 73% range of the daily stochastic; implying the bulls may continue to dictate market direction. In light of this, the next price target could be the $170.00 upper high level soon as the Yen looks good to buy for the bulls in its medium-term outlook. Hence, buyers may take a position as desired.

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