The currency pair is in a strong bullish market.
The bulls are in the dominance of the market.
USDJPY Weekly Price Analysis – October 7
The USDJPY market price is at the moment sitting at the resistance zone. The buy investors are now clustered around the market for price manipulation. Thus, if the daily candle closes above the $144.991 supply mark, further downsides would be invalidated.
USDJPY Market
Key Levels:
Resistance levels: $144.700, $144.800, $144.900
Support levels: $140.500, $140.400, $140.300
USDJPY Long-term Trend: Bullish
The USDJPY pair is moving in an uptrend in the 1D timeframe, making higher highs and moving toward its major upper resistance. The prices are above the moving averages and have confirmed a bullish momentum breaking the previous high.
Reactions from the buyers moved the price of the currency pair up to a high at
$144.089 mark above the two EMAs as the daily session opens today. This shows that the long traders are actively involved in the market decision.
The journey to the top continues as the bulls further swing the price of USDJPY up to a $144.845 upper high trend line. This, however, is a signal for the buy investors to place their orders.
Likewise, more downsides are unlikely at the moment as the currency pair is pointing upwards in the daily stochastic; this means that the buying pressure may likely continue, and this trend pattern might reach a high at $150.000 level in the days ahead in its higher time frame.
USDJPY Medium-term Trend: Bullish
On the medium-term outlook, we can see that the price has an uptrend and is traded in an uptrend channel. It means that the USDJPY price is in a bullish trend market area.
The formation of a bullish candle at the $143.846 supply level opens today’s 4-hourly chart as the bulls remain dominant in the market.
The journey up north continues as the price further increases to a $144.845 high value. This indicates the resumption of the prevailing uptrend.
The signal of the stochastic oscillator pointing up at around level 68% suggests that the overall outlook shows an upward momentum and may likely remain in a bullish movement in the nearby days in the medium term.
Hence, buyers may place their orders in key areas before the bears take over.
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.
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