USDJPY price may possibly resume an uptrend to break up the $150.28 supply level soon.
The bears may have temporal control.
USDJPY Weekly Price Analysis – April 28
The USDJPY pair has the potential for an upward rally as the price will most likely continue its bullish run. The Yen could still go higher if the price is able to break up its previous high of $150.28 value, then we can expect a good upside momentum up to $160.00 upper resistance trend levels.
USDJPY Market
Key Levels:
Resistance levels: $130.00, $140.00, $150.00
Support levels: $125.00, $123.00, $121.00
USDJPY Long-term Trend: Bullish
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 $134.730 level in the past few days actually made it capable for the buy investors to retain the upward strength in its recent high.
The currency pair on the daily chart today is currently facing resistance and trading at the $133.942 correction level above the moving averages. Further, the rising prices reclaimed more confirmation for a bullish recovery. More upsides are possible if it breaches the previous high at $150.28 value.
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 and may further increase the price of USDJPY to the $160.00 upper resistance value.
USDJPY Medium-term Trend: Bearish
The market value of USDJPY in the medium-term time frame (4H) at a $133.84 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 $133.84 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 $134.92 previous supply mark, the bearish thesis will be invalidated.
Thus, 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 its medium-term time frame.
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