USDJPY: Price is offering a Potential Buy Opportunity

The currency pair offers a potential buy opportunity.
The currency pair still trades in a bullish market zone.

USDJPY Weekly Price Analysis – March 1
At the moment the USDJPY is offering a potential buy opportunity and remains on the positive side. If the Yen price could sustain above the pattern supply trend line at the $151.90 level, the price may trigger up to the overhead resistance mark at the $152.00 level, suggesting the best forex signal and a clear buy opportunity to the long traders.

USDJPY Market
Key Levels:
Resistance levels: $148.00, $149.00, $150.00
Support levels: $140.00, $139.00, $138.00

USDJPY Long-term Trend: Bullish (Daily Chart)
The USDJPY price offers a potential buy opportunity as upward pressure dominates the pair in the higher time frame. The coin price is now strongly trading above the moving averages with huge volumes from the bulls. Thus, the recent market structure has favored the bulls.

However, the bulls’ pressure to the $150.68 high value in the past few days has sustained the Yen price above the resistance trend levels in its recent high.

Today’s daily bullish candle at the $150.49 value which further rises to a $150.84 supply mark above the moving averages confirms the bulls’ dominance in the market and also suggests a potential buy opportunity to the long-term traders.

Hence, should the bulls put additional efforts into their buying motives; the price of USDJPY could turn positive to retest the previous high of $151.90 value, thus registering a potential buy opportunity for the long traders.

Further, USDJPY price indicates an upward momentum on the daily signal, this indicates that the pair will continue to increase to the upsides and this may get to the $152.00 upper resistance trend mark soon as the pair offers a potential buy opportunity in its long-term outlook.

USDJPY Medium-term Trend: Bullish (4H Chart)
USDJPY is also trading in the bullish trend market suggesting a potential buy opportunity in the medium-term outlook. The price currently trades above the EMA line. This breakout triggers a smooth bull cycle pattern, which in theory, should lead the prices to an overhead trend line.

During the previous action, the bullish impact on the pair to the $150.49 supply level has sustained its firmness above the supply levels in its recent high.

Earlier today, the bull run caused a rise in the price of USDJPY to a high at the $150.84 level above the moving averages. This however indicates a potential buy opportunity and creates a strong area of interest for buyers.

In addition, the daily stochastic indicates an upward trend. Hence, if the buyers manage to break above the mentioned supply trend line, the market price may rise to a $152.00 upper high mark resulting in a potential buy opportunity to the long traders in its medium-term time frame.

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