USDJPY Bounces Up At $111.658 Level, Targeting $111.700

USDJPY is facing more pressure from the bulls.
The currency pair is in a strong bullish trend both in the long-term and medium-term outlooks.

USDJPY Weekly Price Analysis – July 2
USDJPY found resistance again around the $111.658 level, signaled a new upside momentum.

USDJPY Market
Key Levels:

Resistance levels:   $111.658, $111.670, $111.682
Support levels:       $104.233, $104.223, $104.213

USDJPY Long-term Trend: BullishThe currency pair is bullish on the daily chart. The bull’s increase momentum pushes the price of the USDJPY and broke up the resistance line at $111.639 in the resistance area during yesterday’s session and sustains it.

Today’s daily chart at $111.512 opens with a bullish inverted pin bar candle above the resistance line in the upper resistance area. A signal of a trend reversal. The bulls’ pressure on the currency pair pushes the price further up at $111.658 in the resistance area as the journey up north continues.

Price is initially up at $111.658 in the upper resistance area above the two EMAs’ which are fanned apart, this suggests an uptrend in the context of the market. The bulls are in control at the moment.

The stochastic signal pointing up at around level 86% in the overbought region implies that the momentum in the price of the Yen is in an uptrend in the long term. Hence a buy signal.

USDJPY Medium-term Trend: BullishUSDJPY continues in a bullish trend in its medium-term outlook. The sustained bullish pressure pushed the currency pair further up at $111.652 in the upper resistance area during yesterday’s session.. The bears return gradually with an initial drop to $111.512 in the support area before the end of yesterday’s session.

Today’s 4-hourly chart opens on a bearish note at $111.644 in the support area as the seller returns briefly in the early hours of the session.

The Yen is initially down at $111.563 in the support area. With the price above the two EMAs trading in the upper resistance area indicates the price of USDJPY is in an upward move and being dominate by the bulls.

However, the stochastic oscillator signal is pointing down at around level 80% in the overbought region is an indication of a trend reversal in the days ahead.

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