USDJPY: May Commence Bullish Movement Soon

Staying above EMA-50 can lead to strong growth for the currency pair.
The currency pair could still increase despite its negative moves.

USDJPY Weekly Price Analysis – July 1
The price may resume and continue its bullish movement if the daily candle closes above the $136.123 resistance level, the resistance levels of $136.708 and $137.003 may be the target.

USDJPY Market
Key Levels:

Resistance levels: $136.100, $136.200, $136.300
Support levels:  $134.700, $134.600, $134.500

USDJPY Long-term Trend: BullishThe momentum on the higher timeframes (1D) is bullish. It seems that the bulls are about to take over and push us higher. There are multiple possible targets at this point, but either way, the USDJPY pair looks quite bullish here.

The activities from the bears dropped the price of the currency pair further down to a $135.438 low level and sustained it during yesterday’s session.

The sellers return with an initial drop to $135.359 in the support area as the daily chart opens today.

The market value of the Yen is initially down at the $134.740 support level which is above the EMA-50 and below the EMA-9 as at the time of writing this article; this suggests that the market is still in an uptrend and buyers remain dominance in the market.

However, the stochastic oscillator signal pointing down at around level 73% approaching the oversold region implies that bulls will emerge soon to continue with the market dictation in the long-term.

AUDJPY Medium-term Trend: BearishOn the 4-hourly chart, the currency pair is in a downward trend zone. The sustained bearish pressure pushed the pair further down to the $135.550 support level after which the buyers returned and moved the market price up to the $135.986 high level before the end of yesterday’s session.

The bears return gradually with an initial drop to a $134.982 low level as the daily chart opens today.

The sellers lost the momentum while the bulls’ in-road into the market move the market price of USDJPY up to the $135.460 high level which is below the two EMAs; this implies that the momentum is in a downtrend.

However, a further downward is unlikely as the momentum indicator is pointing up in the oversold region of the daily stochastic at around level 30%. This will compel the bulls to resume the uptrend and move the price of the Yen to a significant level soon in its medium-term outlook.

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