USDJPY: Bulls Are Dominating

USDJPY is facing an increase in buying pressure and may continue in the same direction if it breaks $131.253.
Overall market sentiment regarding the currency pair remains bullish.


USDJPY Weekly Price Analysis – May 6
Should the bulls increase their momentum, the resistance level at $131.253 may be retested.

USDJPY Market
Key Levels:

Resistance levels: $130.800, $130.850, $130.900
Support levels:     $113.500, $113.450, $113.400

USDJPY Long-term Trend: BullishThe currency pair looks tasty for the buyers in the long-term outlook. The bulls’ pressure on the currency pair at the $130.559 resistance level further led to an increase in the market price of the Yen during yesterday’s session and sustained it, so best to position ourselves accordingly and see how far this can go.

As an outcome of low bearish momentum, the buyers are hindering the market from smashing through the support zones.
Therefore, if the bears increase their tension in the market, the price tendency will drop below the key levels.

The Price level of $130.183 resistance level opens today’s daily chart, as the buyers are dominating the market with full force at the present.

The journey to the north continues as the market price of USDJPY rises further to the $130.595 resistance level.

The Yen is up initially at the $130.810 resistance level at the present; with the price trading above the two EMAs which are fanned apart suggests an upward momentum in the price of USDJPY.

The momentum indicator shows that the price signal is also moving upward in the market at around 86% in the overbought region as we expect the price distribution of the Yen to reach the $131.253 significant price level in the latter days in the long-term perspective.

USDJPY Medium-term Trend: BullishThe USDJPY pair continues in an uptrend market in its medium-term outlook. As we can see from the 4-hourly chart, the currency pair’s price is going up.

The price movement of USDJPY is currently seen to be in the bull’s direction in the medium-term outlook. The sustained bullish pressure pushed the pair up to the $130.807resistance level during yesterday’s session and sustained it.

Today’s 4-hourly opening chart opens with the bearish candle at a $130.566 resistance level as the bulls remain dominant in the market.

The price action rises significantly to the $130.641 resistance level as the journey to the north continues.

The market value of the pair is up at a $130.668 resistance value above the two EMAs which are fanned apart, this implies that the bulls are in control of the market at the present.

The pair which is pointing up around 92% of the daily stochastic in the overbought region also indicates that the price of USDJPY is in an uptrend, more so sellers are expected to emerge to drop the price of the Yen in the nearby days in the medium-term.

Therefore, sellers may wait for this action to occur before taking their position as desired.

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