USDJPY – Gradually Gaining Momentum

USDJPY is facing more pressure from the bulls.
The currency pair is in an upward momentum both in the long-term and medium-term outlooks.

USDJPY Weekly Price Analysis – May 28
The pair now remains strongly bullish after failing to retest the uptrend line at a level $110.998

USDJPY Market
Key Levels:

Resistance levels: $110.700, $110.800, $110.900
Support levels:     $102.400, $102.300, $102.200

USDJPY Long-term Trend: BullishUSDJPY is bullish on the daily chart. The impulse move to $109.923 in the resistance area during yesterday’s session sustains the bullish momentum within the range.

Today’s daily chart opens with the formation of a bullish harmer candle at $109.750 in the resistance area. This shows there is a high buying pressure in the currency pair.

The price of USDJPY is initially up at $110.119 in the resistance area above the two EMAs, these indicate upward movement in the momentum of the USDJPY price.

The stochastic oscillator pointing up at level 78% in the overbought region implies the trend may likely remain in an upward move in the days ahead in the long term.
Hence sellers’ relief.

USDJPY Medium-term Trend: BullishOn the 4-hourly chart, the market is in an upward move. The moving averages are sloping upward indicating the uptrend.

Bears’ brief return at $109.927 in the support area opens today’s 4-hourly session.
Continuation to the north is confirmed by the bullish candle at $110.199 as the high of the day in the resistance area at the time of writing this article.

Sellers’ brief return drops the price down to $109.912 in the support area. The price is above the two EMAs an indication of an upward movement in the momentum of the price of USDJPY, in this case, more buyers in the market.

The stochastic oscillator pointing down at level 90% in the overbought region signals a trend reversal in the days ahead.

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