USDJPY – Attractive For Buyers!

The Bulls may continue the journey to the upper resistance area with increased momentum.
The currency pair has a limited downside.

USDJPY Weekly Price Analysis – May 14
The pair remains strongly bullish after failing to retest the uptrend line at a level of $110.956

USDJPY Market
Key Levels:

Resistance levels: $110.920, $110.945, $110.970
Support levels: $102.512, $102.500, $102.488

USDJPY Long-term Trend: BullishThe currency pair is having a bullish posture on the daily chart as we can see. The impulsive move by the bears at $109.406 at the support area during yesterday’s session is corrected today, by the bulls, as the daily market opens today. The session closes with $109.427 in the support area.

Today’s daily chart opens on a bullish note at $109.427 in the resistance area as the bulls return in a grand style into the market in the early hours of today.

USDJPY further rises to $109.656 in the resistance area. Now price is above the EMAs, an indication that the momentum in the price of USDJPY is in an uptrend.

The stochastic oscillator pointing upwards at around level 89% in the overbought region suggests the momentum in price is in an uptrend and may continue in the same direction in the future long-term.

USDJPY Medium-term Trend: BullishAnalyzing the medium-term chart outlook of USDJPY, we can see that the momentum is in a bullish trend. The Yen looks quite bullish here.

The sustained bullish pressure pushes the cryptocurrency further up at $109.640 in the resistance area before the end of yesterday’s session.

The bears return gradually with an initial drop to $109.583 in the support area as the 4-hourly session opens today.

USDJPY price is down initially at $109.470 in the support area above the two EMAs, this signifies that the momentum in the price of the currency pair is in an uptrend at the moment.

Meanwhile, the signal of the stochastic pointing down at around level 80% in the overbought region suggests that the movement in the price of USDJPY might begin to favor the bears sooner or later in the medium-term.

Note: Forexschoolonline.com is not a financial advisor. Do your research before
investing your funds in any financial asset or presented product or event. We
are not responsible for your investing results.