USDJPY: Bears Will Push Lower

USDJPY bears will push lower as the selling pressure keeps increasing.
Overall market sentiment regarding the currency pair remains bearish.

USDJPY Weekly Price Analysis – December 6

USDJPY bears will push lower as the market faces high selling pressure. The pair might drop further if the bears could add more strength to their selling momentum and close the daily candle below the $139.00 support level. The $137.00 lower support barrier might be the target in the days ahead, signaling a good selling opportunity for short traders.

USDJPY Market
Key Levels:
Resistance levels: $148.000, $149.000, $150.000
Support levels: $129.000, $128.000, $127.000

USDJPY Long-term Trend: Bullish (Daily Chart)

The bears will push lower, as shown by the daily chart with the short traders driving the USDJPY pair below the supply level. The Yen price is below the EMA-50, indicating a bearish trend.

The sustained bearish pressure to a $150.54 low value in the last few days has dropped the currency pair below the supply levels in its recent low.

Today, the momentum continues as the bears pushed lower to $150.18 below the EMA-50 as the daily chart opens, indicating a bearish trend and a selling signal.

Further, the USDJPY price is downwards on the daily signal, indicating a downtrend. As a result, the selling pressure will continue. Hence, the bears may push lower to reach the $137.00 lower support level in the coming days, suggesting a sell opportunity for sell traders in its long-term outlook.

USDJPY Medium-term Trend: Bearish (4H Chart)

The USDJPY bears will push lower as the market price continues in a downtrend in its medium-term outlook. The pair’s market price is dropping below the support levels, confirming its bearishness.

The bears’ pressure on the currency pair at the $150.53 support level in the last session further led to a decrease in the Yen price at its recent low.

Actions from the short traders dropped the USDJPY price to a $150.19 low level below the EMA-50 as the 4-hourly session begins, implying the bears will push lower, and this might get to the $148.79 low value.

Hence, the daily stochastic is pointing down; suggesting the USDJPY bears may continue to push lower. In light of this, the Yen price may slide to a low of $137.00 in the coming days, offering a sell opportunity to short traders in its medium-term outlook.

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.