USDJPY price may possibly resume an uptrend to break up the $150.28 supply level soon.
The bears may have limited control over the price decision.
USDJPY Weekly Price Analysis – July 7
The USDJPY pair has the potential for an upward move as the price will most likely continue its bullish run. At the moment the USDJPY market is trading in an uptrend. Should the bulls prove stronger and the Yen price sustains above the $150.28 high level, the potential rally could surge higher to hit the $160.00 upper resistance level and beyond.
USDJPY Market
Key Levels:
Resistance levels: $130.00, $140.00, $150.00
Support levels: $120.00, $115.00, $110.00
USDJPY Long-term Trend: Bullish (Daily Chart)
On the daily chart, the USDJPY pair is trading above the moving averages, which means that it’s in a bullish trend zone.
The sustained bullish pressure at the $144.73 level during yesterday’s session actually made it capable for the buy investors to retain the upward strength in its recent high.
The drop in the price of USDJPY to the $143.55 low value as the daily chart commenced today has no serious effect on the market as the price remains in an uptrend.
At the moment the USDJPY market is trading in an uptrend. Hence, staying above the supply levels indicates a strong possibility for a bullish correction. A strong breakup above the $150.28 resistance point would strengthen the bullish pressure.
Should the bulls prove stronger and the Yen price sustains above the $148.45 high level, the potential rally could surge higher to hit the $150.28 previous high and beyond which could further expose the Yen price to the $160.00 upper high mark in the day ahead in its higher time frame.
USDJPY Medium-term Trend: Bearish (4H Chart)
The market value of USDJPY in the medium-term time frame (4H) at a $144.06 supply level is seen slightly below the two EMAs.
The bearish pressure on the pair in the past few hours has made the Yen price remain below the supply trend lines in its recent price level.
The strong push by buyers to the $144.06 resistance trend line below the two EMAs as the 4-hourly chart opens today shows that buyers are returning to the market in a grand style to stage a play. Thus, if the long traders could break above the $144.92 previous supply mark, the bearish thesis will be invalidated.
Such lower price rejection indicates that buyers are defending this level and attempting to push the price higher.
In addition to that, USDJPY is pointing up on the momentum indicator, this indicates that the Yen price will still continue in an upward move and in this case, the $160.00 supply level may be the target in the days to come in its medium-term 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