The USDJPY pair may decline to the $140.00 support Level.
Sellers may take over the market price soon.
USDJPY Weekly Price Analysis – May 3
USDJPY may decline to the $140.00 support level as it just begins its downward move. The pair may continue the downward momentum and break down the $140.79 support level if the bears redouble their efforts in the market. In this case, the bears’ pressure may get down to a $140.00 support level. Hence, buyers’ relief.
USDJPY Market
Key Levels:
Resistance levels: $155.00, $156.00, $157.00
Support levels: $142.00, $141.00, $140.00
USDJPY Long-term Trend: Bullish (Daily Chart)
The USDJPY price is bullish on the daily chart. Meanwhile, the price may decline to the lower support level as the pair-selling pressure has just started.
An increase made by the bulls to a $157.84 high mark during yesterday’s session has sustained the Yen price above the supply levels lately.
Today, a drawdown is noticed, as the USDJPY price drops down to the $157.23 support level above the EMA-50. This indicates an uptrend in the context of the strength of the market.
Hence, if the bears could add more pressure to their selling forces, the currency pair may decline to the $140.79 previous support value, putting the buying pressure on the hold.
Notably, the stochastic oscillator pointing down at around level 62% suggests the USDJPY price may continue its selling pressure and in this case, the pair may decline further to a $140.00 lower support level in the days ahead in the long-term perspective.
Therefore, sellers may wait for this to take place before taking a position.
USDJPY Medium-term Trend: Bullish (4H Chart)
The USDJPY pair is also bullish here. Thus, the pair may decline to the lower support level soon as the selling pressure has just begun. The price bars can be seen above the supply level which suggests its bullish trend.
The sustained pressure from the bulls at the $157.84 support level during the last session has contributed to its bullishness in its recent price level.
The market price of USDJPY drops down to the $157.23 support value above the EMA-50 as the 4-hour chart opens today. Should the bears add more potential to their selling power, the price of USDJPY may decline to the $150.80 previous support level.
The signal of the stochastic oscillator pointing down at around level 75% in the overbought region suggests that the selling pressure has just started and may likely decline to the $140.00 lower support level in the upcoming days in the medium-term.
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