USDJPY: Bearish Trend May Continue

The pair is now showing a few bullish signs above the support level.
A bullish scenario is playing out in the long term.

USDJPY Weekly Price Analysis – November 5
In case the resistance level of $114.220 holds, the price may reverse and face the support levels at $109.010, $109.000, and $108.980.

USDJPY Market
Key Levels:

Resistance levels:  $114.350, $114.400, $114.450
Support levels:      $109.010, $109.000, $108.980

USDJPY Long-term Trend: BullishThe currency pair looks tasty for the bulls as it is in an uptrend in its long-term outlook. The impulsive move by the bulls on the 3rd of November at $114.220 in the resistance area was resisted yesterday as the bears resumed to the market.

The daily chart opens today at $113.742 in the support area as the bears return briefly to the market.

The momentum in price drops down to $113.683 in the support area as it journeys down south.

The price of USDJPY now trades at $113.556 above the two EMA-50 in the support area; an indication that the momentum in the price of the Yen is in an uptrend.

The stochastic oscillator signal pointing downwards at around level 30% in the oversold region, suggests the momentum in price may encounter a trend reversal and in this case a downtrend in the latter days in the long term.

USDJPY Medium-term Trend: BearishThe currency pair is in a downtrend in its medium-term outlook. The Yen now trades in the support zone below $113.702.

The 4-hourly chart opens today at $113.678 on a bearish note in the support area sustain the bearish momentum as the session continues.

The journey down south continues as the price of USDJPY moves down to $113.676 in the support area.

The price of USDJPY is initially down now at $113.665 in the support area below the two EMAs, this implies the price of the Yen is in downward momentum and trading at the support zone.

However, the stochastic signal pointing upwards at around level 21% in the oversold region implies the movement in the price of USDJPY might likely encounter a trend reversal and in this case, an uptrend in the latter days in the medium-term.

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