USDJPY May Possibly Drop Down to Hit the $127.454 Lower Support Soon

The USDJPY pair is in a bullish market zone at the moment.
The currency pair might finish the bullish movement and start reversing soon.

USDJPY Weekly Price Analysis – August 11
USDJPY may possibly drop down to hit the $127.454 lower support soon. There is a possibility that USDJPY might finish the bullish movement and start reversing soon. This will be attained, if there is an interruption by sellers, the bearish correction pattern may drop the Yen price to break below the $128.082 previous low which might possibly hit the $127.454 lower support trend line, suggesting a sell opportunity for the sell traders.

AUDJPY Market
Key Levels:
Resistance levels: $143.00, $144.00, $145.00
Support levels: $130.00, $129.00, $128.00

USDJPY Long-term Trend: Bullish (Daily Chart)
The USDJPY pair is in a bullish posture and also trades in an uptrend even though the short traders are involved in its long-term outlook.

The sustained bullish pressure to a $143.492 high value during yesterday’s session has made it possible for the Yen price to remain in an uptrend in its recent high. This will soon be invalidated as the trend has just resumed its downward movement pattern but has not yet reached its goal.

The coin price finds support at a $142.996 low value above the two EMAs as the daily session opens today. This suggests an uptrend in the context of the strength of the market and also shows that sellers are gaining access to the market gradually to command the price actions.

Hence, if the bearish momentum persists, sellers could trigger the downward move lower to retest the previous low of $127454 value.

Additionally, there is likely to be a breakdown attempt soon as the price of USDJPY is now pointing down at the overbought region of the daily stochastic. This means that the dumping rally has just begun.

If the short-term traders could change their orientation and push harder, the next bearish race may possibly hit the $127.454 lower support trend line in the coming days in its higher time frame.

USDJPY Medium-term Trend: Bullish (4H Chart)
The market value of USDJPY in the medium-term time frame (4H) is seen above the moving averages. This means that the market is in a bullish trend zone.

The sustained bullish pressure in the previous action has sustained Yen’s price above the supply trend levels in its recent high.

Additional efforts by the bulls further triggered the price of USDJPY up to a $143.340 high level above the moving average lines. This implies that long traders are in charge and also in control of the market prices at present.

However, the sell traders may likely take over the USDJPY pair as the market now trades in the overbought region of the daily signal. This will quicken the emergence of short-term traders to change the trend to the downside. If this is attained by sellers, the Yen price may drop down to hit the $124.454 lower support in the days ahead in the medium-term outlook.

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