USDJPY: Is Stocked At $124.227 Resistance Level

The currency pair is in an upward momentum both in the long-term outlook and the medium-term outlook.
Overall, the bulls seem to be in control.

USDJPY Weekly Price Analysis – April 8
The breaking up of the $124.552 resistance level by the bulls may increase the price of USDJPY further.

USDJPY Market
Key Levels:

Resistance levels: $123.980, $124.080, $124.180
Support levels:      $121.275, $121.175, $121.075

USDJPY Long-term Trend: BullishThe USDJPY pair still trades in an uptrend in its long-term perspective. The bulls’ pressure on the currency pair at the $123.741 resistance level further led to an increase in the market price of the Yen during yesterday’s session, so best to position ourselves accordingly and see how far this can go.

This, however, gave the buy traders the motive to influence the price tendency. The currency pair’s orientation trades in a general bullish flow. As an outcome of low bearish momentum, the buyers are hindering the market from smashing through the support zones.

Therefore, if the bears increase their tension in the market, the price tendency will drop below the key levels.
The market price continues in an up-north way by the bulls with a doji candle at the $123.892 resistance level as the daily chart opens today. An indication of a trend reversal.

Increase momentum by the bulls moves the market price of the Yen further up to the $123.977 resistance level as it journeys up north.

The market value of USDJPY is initially up at the $124.227 resistance level above the two EMAs, an indication of an upward trend in the context of the strength of the market.

USDJPY is around level 80% range of the daily stochastic which is pointing sideways in the overbought region, this implies that the buying pressure might likely experience a change in trend in its long-term perspective, and in this case, its undecided trend as the indicator is pointing sideways.

Traders should exercise patience and see the direction of the market either bullish or bearish before placing an order at the moment in the long-term outlook.

USDJPY Medium-term Trend: BullishThe price movement of USDJPY is currently seen to be in the bull’s direction in the medium-term outlook. The sustained bullish pressure pushed the pair up to the $123.998 resistance level during yesterday’s session and sustained it.

Today’s 4-hourly opening chart opens with a doji candle at a $123.978 resistance level as the bulls remain dominant in the market.

The price action rises significantly to the $124.027 resistance level as the journey to the north continues.

The market value of the pair is up at a $124.046 resistance value above the two EMAs which are fanned apart, this implies that the bulls are in control of the market at the present.

The pair which is pointing up around 70% of the daily stochastic in the overbought region also indicates that the price of USDJPY is in an uptrend, more so sellers are expected to emerge to drop the price of the Yen in the nearby days in the medium-term.

Therefore, sellers may wait for this action to occur before taking their position as desired.

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