The currency pair could soar higher as buying pressure mounts.
The USDJPY may break up the $151.90 high value soon.
USDJPY Weekly Price Analysis – January 5
At the moment the USDJPY is making its way toward the overhead resistance as buying pressure mounts on the Yen market. The price may likely soar higher and break up the $151.90 high mark if the bulls could add more aggression to their buying actions in the market. The target might be the $152.00 upper resistance value.
USDJPY Market
Key Levels:
Resistance levels: $141.00, $142.00, $143.00
Support levels: $138.00, $137.00, $136.00
USDJPY Long-term Trend: Bearish (Daily)
The market price of USDJPY is currently trading in the bearish market zone. This is due to the high inflows of the sell traders. Meanwhile, buying pressure has returned as buyers regain control with a bullish correction rally.
The sustained bearish pressure in the past few days at the $141.90 support value has made the Yen price remain below the supply trend levels in its recent low.
Meanwhile, the current price at a $143.88 high value below the supply trend lines as the daily chart opens today suggests that buyers are trying to regain control while the buying pressure mounts.
Hence, should the bulls increase their buying aggression and close above the $151.90 resistance value, additional intraday gains would be recorded for the buy investors as buyers regain control over the market.
Additionally, the USDJPY pair can grow further as indicated by the daily signal pointing upwards. In light of this, the currency pair might grow higher to reach the $152.00 supply value in the coming days as buyers regain control and buying pressure mounts in its long-term outlook.
USDJPY Medium-term Trend: Bullish
The chart below shows that USDJPY buyers have regained control and buying pressure mounts the Yen market in its medium-term outlook. The price bar is seen above the moving average which indicates that the pair is in a bullish trend.
The bulls caused a rise to the $143.44 supply level above the moving averages during yesterday’s session and sustained it. This has made it easier for the pair to remain in an uptrend in its recent price level.
Its resistance was finally broken at a $143.88 high level above the EMA-50 as the 4-hourly chart opens today..
USDJPY is trading above the moving averages on the 4- 4-hourly chart, if bulls should increase their price action, and bullish momentum is sustained, the currency pair will further increase to the upside as buying pressure mounts.
Meanwhile, further upsides are certain as indicated by the price indicator pointing upwards, this means that a further rise in the market value of USDJPY is certain and in this case, the bullish correction pattern might extend the Yen price to the $152.00 upper resistance value in the days to come as the buyers regain control and buying pressure mounts the USDJPY market in the medium-term outlook.
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