USDJPY is in the bullish trend zone both in the long-term outlook and in the medium-term outlook.
Staying above the two EMA-s can lead to strong growth for USDJPY.
USDJPY Weekly Price Analysis – February 4
USDJPY is facing an increase in buying pressure and it could continue to face the positive side if it breaks the resistance level of $116.352.
USDJPY Market
Key Levels:
Resistance levels: $114.850, $114.950, $115.050
Support levels: $114.148, $114.048, $113.948
USDJPY Long-term Trend: Bullish
As we can see from the daily chart, the currency pair is in an upward move in its long-term outlook. The bulls’ increased momentum pushed the price of the USDJPY up to $114.441 which was above the two EMAs in the resistance area during yesterday’s session and sustained it.
The bullish momentum continues as the buyers move the market price of the pair from there up to the $114.976 resistance level as the daily chat opens today.
The bulls’ pressure on the currency pair pushes the price further up at $114.993 in the resistance area as the journey up north continues.
The price of USDJPY is initially up at $115.051 in the resistance area above the two EMAs which indicates an uptrend in the context of the market. The bulls are in control at the moment.
With the stochastic signal pointing up at around level 69% in the overbought region implies that the momentum in the price of the Yen is in an uptrend and may likely remain in the same direction, this may compel the selling pressure to resume fully in the nearby days the long-term.
USDJPY Medium-term Trend: Bullish
USDJPY is in a bullish market zone in its medium-term outlook. The bullish candle at $114.986 in the resistance area during yesterday’s session sustained the bullish momentum up.
Today’s 4-hourly chart opens on a bullish note at $114.846 in the resistance area.
The price of USDJPY further rises to $114.985 in the resistance area as it journeys to the north.
The market price of the Yen further increase to $115.012 resistance level which is above the two EMAs, this is an indication that the market is in an uptrend and the bulls are in control of the market at the present.
The daily stochastic signal pointing upwards at around level 92% in the overbought region indicates that the price of USDJPY may likely remain in an uptrend in the future as this will compel the buying pressure to continue in the medium-term.
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