USDJPY: Could Still Increase Despite a Minor Decline

USDJPY price getting close to its current resistance level.
Buyers may continue the journey to the upper resistance area.

USDJPY Weekly Price Analysis – July 23
USDJPY is stock and hovers around resistance at level $110.304

USDJPY Market
Key Levels:

Resistance levels:  $111.665, $111.675, $111.685
Support levels:      $107.424, $107.414, $107.404

USDJPY Long-term Trend: BullishThe currency pair is in an upward move in the long-term perspective. The sustained bearish pressure pushed the Yen down during yesterday’s session to $110.013 in the support area.

The bears lost momentum as the bulls return briefly and open the daily chart today at $110.116 in the resistance area.

The momentum in price continues in an uptrend as the USDJPY pair journeys up north around $110.304 in the resistance area within the range.

Price is initially up at $110.304 in the resistance area above the two EMAs, an indication that the market is in an uptrend.

Hence, the stochastic oscillator pointing upwards at around level 40% in the oversold region suggests that the bulls may likely dominate the market in the future.

USDJPY Medium-term Trend: BullishUSDJPY is in an upward move in the medium-term outlook. $110.013 in the support area was attained as the low of the day during yesterday’s session by the bears. However, the close of the day at $110.084 with a doji candle suggests exhaustion of the bearish momentum, hence the bulls’ brief return.

The 4-hourly chart opens today on a bullish note at $110.135 in the resistance area.

The momentum in price continues in an uptrend as the Yen journeys up north at
$110.304 in the resistance area within the range.

Price is above the two EMAs, an indication of an increase in the price of USDJPY and the bulls are in the dominance of the market at the present.

The stochastic oscillator pointing downwards at around level 70% in the overbought region suggests the momentum in price might encounter a change in the future in the medium-term.

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