USDJPY is facing an increase in selling pressure and may continue in the same direction if it breaks $107.424
Overall market sentiment regarding the currency pair remains bearish.
USDJPY Weekly Price Analysis – July 30
USDJPY is stock below the two EMAs at level $109.421
USDJPY Market
Key Levels:
Resistance levels: $111.600, $111.605, $111.610
Support levels: $107.424, $107.414, $107.404
USDJPY Long-term Trend: BearishThe currency pair looks tasty for the bears in the long-term outlook. The bears’ gradual return changes the trend of USDJPY to a downside and sustained it during yesterday’s session.
$109.462 in the resistance area opens today’s daily chart, as the buyers are trying to come into the market as at the present.
The Yen is up initially at $109.605 in the resistance area; with the price trading below the two EMAs which are glued together suggests a downward momentum in the price of USDJPY.
The daily stochastic signal pointing down at 35% in the oversold region is an indication of downward momentum in the price of the Yen, and the sellers may continue to dictate the market in the same direction in the future the long-term.
Hence, buyers’ relief.
USDJPY Medium-term Trend: BearishThe pair continues in a downtrend market in its medium-term outlook. As we can see from the 4-hourly chart, the currency pair’s price is going down.
Today’s 4-hour opening candle at $109.550 in the support area is bearish as the sellers remain dominant in the market.
The journey down south continues as the sellers drop the price of the currency pair to $109.505 in the support area.
USDJPY is initially down at $109.505 below the two EMAs in the support area, an indication of more sellers present in the market.
Thus, the stochastic signal pointing up at level 16% in the oversold region suggests the momentum in the price of USDJPY might encounter a trend reversal in the days ahead, in this case, an uptrend in the medium-term.
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