USDJPY: May Continue Selling Pressure as It Faces Rejection at Level $114.113

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

USDJPY Weekly Price Analysis – October 29
USDJPY is in a downward move as its price reaches the low of level $113.393.

USDJPY Market
Key Levels:

Resistance levels:  $114.350, $114.400, $114.450
Support levels:      $109.010, $109.000, $108.980

USDJPY Long-term Trend: BullishAfter retesting the support level of $113.387 by the bears on the 27th of October, the bear’s gradual return yesterday at $113.255 in the support area returned the pair back within the range.

A bearish doji candle at $113.566 opens today’s daily chart in the support area, an indication of a trend reversal.

Impulse move from the bears further drops the price of USDJPY down to $113.393 in the support area.

USDJPY now trades above the EMA- 50 at the time of writing this article which indicates that the price is in an uptrend.

Hence the stochastic signal pointing down at around level 30% in the oversold area suggests that the momentum in the price of USDJPY is in a downtrend and may likely continue in the same direction in the days ahead in the long term.

USDJPY Medium-term Trend: BearishThe Yen is now finding its way down as the bears gradually stage a return to the market.

After testing the support level at $113.797 in the support area during yesterday’s session, bears stage a return and pushed the price down to $113.512 in the support area before the end of yesterday’s session.

A bullish pin bar candle at $113.548 opens today’s 4-hourly candle in the resistance area this signals a trend reversal hence bear’s brief return with a spinning top bar drops the price down to $113.504 in the support area.

With the price below the two EMAs and the stochastic signal down at around level 35% in the oversold region, suggests a downward momentum in the price of USDJPY in the medium-term perspective.

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