USDJPY flashes bullish pattern with a buy trade set up in both outlooks.
Buyers remain dominant in the market.
USDJPY Weekly Price Analysis – December 27
The USDJPY long trader flashes a bullish pattern at the $157.44 high level as the Yen market continues its journey up north. The pair sets up a buy trade at its current level, creating a strong supply zone for buyers. If the Yen price can sustain above the current supply trend line at the $161.95 level, it may trigger up to the overhead resistance mark at the $170.00 level, registering a buy signal for buyers.
USDJPY Market
Key Levels:
Resistance levels: $158.00, $159.00, $160.00
Support levels: $135.00, $134.00, $133.00
USDJPY Long-term Trend: Bullish (Daily Chart)
The USDJPY price is losing bearish momentum as it flashes a bullish pattern, making a buy-trade setup in the long-term perspective. The coin price trades at the upper resistance area above the moving average, indicating a bullish trend.
The bulls’ rise to the $157.29 supply level above the moving averages in the last session has enabled the Yen price to flash a bullish pattern and remains in a bullish trend in its recent price level.
Today’s daily bullish candle flashes a bullish pattern at the $157.44 level above the moving average line, confirming the bulls’ dominance in the market.
Hence, an upside breakout above the $161.95 level with a daily candle closing will offer buyers a solid foothold to push the USDJPY price higher.
Further, the USDJPY flashes a bullish pattern and may remain in the same direction as indicated by the daily stochastic pointing upward. In light of this, the Yen price may reach the $170.00 upper resistance trend mark soon as it flashes a bullish pattern in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The USDJPY pair flashes a bullish pattern as it moves across the crucial level and also made a buy trade set-up in the medium-term time frame. 
The currency pair is strongly trading above the moving average line with huge volumes from the bulls. Thus, the recent market structure has favored the bulls.
The pair has been having a series of higher highs and higher lows, making it possible for the price to remain in a bullish pattern in its recent high.
Today, the bullish momentum continues and caused the USDJPY price which makes a buy trade set-up to rise to a high above the moving averages at the $157.44 level, suggesting a bullish pattern.
This current trend will allow the price to remain in the positive territory and rise or break out further to the upper channel, as it flashes a bullish pattern.
Additionally, the price of USDJPY pointing upwards on the daily stochastic indicates that further upside is certain. It is therefore expected that the buy investors will move the price action up and may likely hit the $170.00 upper resistance level soon as the Yen flashes a bullish pattern and a buy trade set up also in its medium-term perspective.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Leave a Reply