{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usdjpy-potential-for-an-upward-rally\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usdjpy-potential-for-an-upward-rally\/","headline":"USDJPY: Potential for an Upward Rally","name":"USDJPY: Potential for an Upward Rally","description":"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 \u2013 April 28The 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 […]","datePublished":"2023-04-28","dateModified":"2023-04-28","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/04\/USDJPY-LNT-4.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/04\/USDJPY-LNT-4.png","height":546,"width":1280},"url":"https:\/\/forexschoolonline.com\/usdjpy-potential-for-an-upward-rally\/","about":["Forex Trading Tools","FX Technical Analysis","Technical Analysis","Trade Idea","Trade Setups","USD\/JPY"],"wordCount":400,"keywords":["FX Technical Analysis","US Dollar Japanese Yen","USDJPY"],"articleBody":"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 \u2013 April 28The 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 MarketKey Levels:Resistance levels: $130.00, $140.00, $150.00Support levels: $125.00, $123.00, $121.00USDJPY Long-term Trend: BullishOn the daily chart, the USDJPY pair is trading above the moving averages, which means that it\u2019s 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: BearishThe 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.Note:\u00a0Forexschoolonline.com\u00a0is 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."}