USDJPY: Bulls Are Dominating Soon

USDJPY bulls are dominating soon to break up the $158.43 supply level.
Overall market sentiment regarding the currency pair will soon be bullish.

USDJPY Weekly Price Analysis – June 7
The USDJPY bulls are dominating soon as the pair has just begun the rising pattern but has not yet reached its goal, the currency pair has the potential to continue its upbeat trend and attract more buyers. The price may likely soar higher and break up the $158.43 high mark if the bulls could add more aggression to their buying actions in the market. The target might be the $160.00 upper resistance value, resulting in a buy market for the buyers.

USDJPY Market
Key Levels:
Resistance levels: $154.00, $155.00, $156.00
Support levels:     $140.00, $139.00, $138.00

USDJPY Long-term Trend: Bullish (Daily Chart)
The currency pair looks tasty for buyers as the bulls are dominating soon in the long-term outlook. The pair is currently trading above the supply level which confirms its bullishness.

The bulls’ pressure on the currency pair at the $154.84 resistance level during yesterday’s session further led to an increase in the market price of the Yen in recent times. So best to position ourselves accordingly and see the bulls dominating soon.

As an outcome of low bearish momentum, buyers are hindering the market from smashing through the support zones. The price level at $156.08 resistance opens today’s daily chart, as buyers are dominating the market with full force.

The journey to the north continues as the market price of USDJPY rises further to the $156.34 resistance level above the EMA-50. This suggests an upward momentum in the price of USDJPY.

However, with strong buying pressure and positive market sentiment, the currency pair has the potential to continue its upbeat trend and this may hit the previous high of $158.43 level to attract more buyers, while the bulls remain dominant.

Furthermore, the momentum indicator shows that the bulls may continue to remain dominant by pointing upwards at around 57%. Therefore, we expect the price distribution of the Yen to reach the $160.00 significant price level in the latter days in the long-term perspective.

USDJPY Medium-term Trend: Bearish (4H Chart)
The USDJPY pair on the medium chart shows that the bulls are dominating soon as the price faces the resistance, preparing for its breakout. As we can see from the 4-hourly chart, the currency pair’s price is going up slightly below the supply level which means that it’s currently in a bearish trend.

The sustained bearish pressure on the pair at the $155.65 support level during the past session has dropped the Yen price below the supply level lately. Meanwhile, the bulls are dominating soon as the new correction move can be seen taking place.

Today’s 4-hourly opening chart which opens with a bullish candle at the $155.73 high level below the supply level suggests that bulls are dominating soon.

The price action rises significantly to $156.34 resistance level as the journey to the north continues. The USDJPY pair is now witnessing a renewed recovery sentiment among the investors, if the bullish momentum is triggered, the price may likely increase to break up the $157.98 previous high value soon.

Hence, the pair which is pointing up around 83% of the daily stochastic in the overbought region indicates that the bulls are dominating soon and the price of USDJPY may continue in an uptrend.

Thus, more buyers are expected to emerge to push the Yen price up and this might reach the $160.00 upper resistance level soon in the medium term.
Therefore, buyers may wait for this action to occur before taking their position as desired.

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