USDJPY: May Continue Buying Pressure as It Faces Rejection at Level $140.594

The pair is now showing a few bullish signs above the support level.
A bullish scenario is playing out in the medium-term outlook.

USDJPY Weekly Price Analysis – November 18
USDJPY may likely continue its bullish trend provided the $140.472 support value holds. USDJPY May Continue Buying Pressure as It Faces Rejection at Level $140.594. Further increase in the bull’s pressure may break up the $150.286 high mark and this may extend the price to the $160.000 upper supply value.

USDJPY Market
Key Levels:
Resistance levels: $148.400, $148.500, $148.600
Support levels:     $137.600, $137.500, $137.400

USDJPY Long-term Trend: Bearish

The USDJPY pair is in a bearish trend zone in its long-term outlook. The short traders are now involved in the order flow. Meanwhile, the bulls caused a rise in the market value of the Yen to the $140.291 supply value as the high of the high during yesterday’s session.

This however gives buyers more strength to continue the upward move as the daily chart opens today at the $140.615 resistance level.

The impulse move from the buy traders further increases the price of the Yen up to the $140.716 high trend line below the two EMAs. This implies that the buy traders are warming up for the next big move to the upsides.

Similarly, the market value of USDJPY pointing up around level 24% of the daily stochastic suggests that the selling pressure has been exhausted. This will now compel the bulls to cluster around the market and push the price of the currency pair further upward. As a result of this bullish pattern, the price might possibly hit the $160.000 supply trend line soon in its higher time frame.

USDJPY Medium-term Trend: Bullish

The Yen is now finding its way up as the bulls gradually stage a return to the market in its medium-term outlook.

After testing the support level at $139.629 in the support area during yesterday’s session, the bears staged a return and pushed the price down to the $139.039 support value before the end of yesterday’s session.

The bulls made a strong push to the $140.594 high level above the EMA-9 as the 4-hourly session opens today.

The buy investors reacted to the market prices and further increased the price of the Yen to the $140.738 supply level as the bulls took to resume the uptrend and dominate the market at the present.

Hence, further downsides are unlikely as the daily stochastic remains in an upward direction indicating an upward momentum. This implies that the bulls may likely continue in the same direction and in this case the price of the Yen might reach the $160.000 supply mark soon in its medium-term outlook.

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