The USDJPY pair is in a bullish trend in both outlooks.
Buyers may take their desired positions in the key areas.
USDJPY Weekly Price Analysis – November 17
The USDJPY pair is in an ascending channel and may swing up to the upper resistance level if buyers continue to exert pressure on the market and don’t give up, the Yen price may swing up even higher. Thus, the $152.00 upper resistance level might be the target soon.
USDJPY Market
Key Levels:
Resistance levels: $148.00, $149.00, $150.00
Support levels: $138.00, $137.00, $136.00
USDJPY Long-term Trend: Bullish (Daily Chart)
USDJPY price may swing up further as it remains bullish on the higher time frame. The price bar can be seen above the two moving averages, this is due to the high impact from buyers.
The high order flow from the bulls to the $151.31 high level during yesterday’s session also added to this bullishness. However, the bulls are now set to further swing up the currency pair to the upper resistance zone.
The current price of the USDJPY at the $151.40 high level above the EMA-50 as the daily session opens today indicates an uptrend in the context of the strength of the market. This gives room for a more bullish impact in the market at the moment.
Therefore, if the bulls should increase their tension in the market, the price tendency may likely swing up the $151.72 previous high value soon, resulting in an intraday gain for the buy traders.
In addition, since the daily stochastic shows an upward trend, buy investors are likely to stick with the bullish correction pattern in order to break up the current supply value. This could further swing up the USDJPY price and push it closer to the $152.00 upper resistance mark soon in the long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The USDJPY pair is showing a more bullish impact in its medium-term time frame and the price may swing up to the upper resistance zone soon. The bulls are having the market at their disposal at the moment. 
The bullish pressure at the $151.14 supply level in the past few hours has sustained the Yen price above the trend levels in its recent high.
The bulls made an aggressive move up to the $151.40 resistance level above the EMA-50 shortly after the 4-hour chart opened today. This however makes it possible for the USDJPY pair to rise further. Trading above the moving averages will enable the market value of USDJPY to keep pushing up.
Similarly, the price signal which is pointing upwards indicates that the trend will remain in an uptrend, if buyers should intensify their tension in the market and the prices swing up above the current resistance trend line, a bullish trend continuation to the overhead resistance of $152.00 is possible soon in the medium-term outlook time frame.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Leave a Reply