USDJPY is slightly in a bullish trend zone both in the long-term outlook and in the medium-term outlook.
The pair is experiencing more pulls from the sellers trying to gain grounds, patience needs to be exercised.
USDJPY Weekly Price Analysis – March 4
USDJPY is facing an increase in selling pressure and it could continue to face the negative side if it breaks the support level of $114.715.
USDJPY Market
Key Levels:
Resistance levels: $115.680, $115.780, $115.980
Support levels: $114.715, $114.615, $114.515
USDJPY Long-term Trend: Bullish
The USDJPY pair still remain in the bullish trend zone in the higher (1D) time frame. We’ve also more or less run out of time for the bulls to take over again, so it seems likely that the bears are about to take over and push us down. There are multiple possible targets at this point, but either way, the pair looks quite bullish here, so best to position ourselves accordingly and see how far this can go.
The sustained bearish pressure pushed the currency pair down to $115.383 in the support area during yesterday’s session and sustained it.
Today’s daily chart opens with the formation of a bearish candle at a $115.453 support level as the sellers continue to dictate the market at the moment.
Activities from the bears further moved the market price of the USDJPY down to $115.433 support level as it journeyed down south.
The price of USDJPY is initially down at $115.253 support level above the two EMAs, this indicates upward movement in the price of the Yen also a slight weakness in the strength of the bulls.
The momentum indicator shows the price signal is also moving downwards in the market at a level of 68% in the overbought region, this may increase the seller’s activities more in its long-term perspective.
USDJPY Medium-term Trend: Bullish
On the 4-hourly chart, the market slightly is in an upward move. The bullish candle at $115.557 in the resistance area during yesterday’s session sustained the bullish momentum up.
The sellers came in and drop the price down to the $115.470 support level as the 4-hourly chart opens today.
The price of USDJPY further drops to $115.465 support level as it journeys to the south.
The impulse move by the sellers further decreases the price of USDJPY down to $115.319 support level.
Continuation to the south is confirmed by the bearish candle at the $115.319 support level which is below the EMA-9, an indication of a slight weakness in the strength of the bulls.
Meanwhile, the price of USDJPY is pointing down at around level 69% in the overbought area. This indicates that the price is in downward momentum and may likely continue in the same direction in the days ahead in its medium-term outlook.
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