The currency pair is in an upward momentum both in the long-term outlook and the medium-term outlook.
The price may possibly reverse soon while the bulls may have temporal control.
USDJPY Weekly Price Analysis – October 21
The USDJPY pair is trading in the bullish zone at the moment. Meanwhile, there is likely going to be a reversal in the price of the Yen soon as the market is overbought. Should the sellers put more aggression and break down the $140.345 value, the dumps may extend to a $132.556 low mark and beyond.
USDJPY Market
Key Levels:
Resistance levels: $149.700, $149.800, $149.900
Support levels: $140.345, $140.245, $140.145
USDJPY Long-term Trend: Bullish
The USDJPY pair is in favor and going in direction of the buyers in its higher time frame. The bulls are seen on the top part of the market, this means that the price is in a bullish market.
The market opens on a bullish note today at a $149.236 level which further rises to the $149.785 supply mark above the two EMAs, which indicates that the bulls are the dominant of the market at the moment.
Hence, there is a possibility of a change in the trend as the market price of the Yen is already overbought. This will compel the resumption of the sell traders to bombard the market soon. If this is achieved, the correction bearish rally may hit the $131.597 support value in the days ahead in its long-term perspective.
USDJPY Medium-term Trend: Bullish
The currency pair still trades in an uptrend in its medium-term outlook. This is due to the outcome of the long traders.
The bulls made a ride to a high at $149.775 value above the two EMAs as the 4-hourly chart opens today. Meanwhile, the bulls lost momentum while the sell traders dumped the price of USDJPY to a low of $149.639 value, this indicates the bears are gradually coming into the market to stage a play and to dump the price to the downside.
The bearish rally may likely reach the $140.345 support mark in the days ahead in its medium-term.
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