USDJPY: May Continue Its Upward Movement

The price bar is above the EMA-50 in the long-term which makes it capable of rising upwards.
The price is stocked slightly above the EMA-9 in the short-term, patience needs to be exercised.

USDJPY Weekly Price Analysis – February 18
The market price may continue its bullish trend if the daily candle closes above the $116.051 resistance level, inability to reach that level by the bulls may lead to a bearish trend towards $114.148 and $113.929 support levels..

USDJPY Market
Key Levels:

Resistance levels:  $115.150, $115.250, $115.350
Support levels:      $114.600, $114.500, $114.400

USDJPY Long-term Trend: BullishThe momentum on the higher timeframes (1D) is starting to turn undeniably bullish. The lack of a bearish continuation is also distinctly bullish. We’ve also more or less run out of time for the bears to take over again, so it seems likely that the bulls are about to take over and push us higher. 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 $114.845 in the support area during yesterday’s session and sustained it.

Today’s daily chart opens with the formation of a bullish candle at $114.938 in the resistance area as the buyers continue to dictate the market at the moment.

Activities from the bulls further moved the price of the USDJPY up to $115.176 resistance level as the journey up north continues.

The price of USDJPY is initially up at $115.278 in the resistance area above the EMA-50, this indicates upward movement in the price of the Yen.

The stochastic oscillator pointing up at level 47% approaching the overbought region implies the trend may likely remain in an upward move in the days ahead in the long term.
Hence sellers’ relief.

USDJPY Medium-term Trend: BullishOn the 4-hourly chart, the market is in an upward move. The formation of a bullish candle with the wick at $115.138 in the resistance area as the 4-hourly chart opens today affirms the bullish presence in the market.

The impulse move by the buyers further moves the price of USDJPY up to the $115.211 resistance level.

Continuation to the north is confirmed by the bullish candle at the $115.230 resistance level as the high of the day at the time of writing this article.

Meanwhile, the price of USDJPY is pointing up in the oversold region of the daily stochastic around level 28%. This indicates that the price is in a bullish momentum and a buy signal in the medium-term.

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