USDJPY: Price Is Set to Trade Uphill

The USDJPY is in a bearish market zone both in the long and short-term outlook.
The currency pair is well on its way to resistance, preparing for the next bull trend

USDJPY Weekly Price Analysis – December 23
The USDJPY price is set to trade uphill as the market is oversold already. The pair is likely to reverse and face the upside as the selling pressure has been exhausted. Should the bulls increase their tension in the market, the Yen may turn upside and break up the $150.286 high level which might possibly extend to a $200.000 supply mark.

USDJPY Market
Key Levels:
Resistance levels: $140.000, $150.000, $160.000
Support levels: $130.000, $120.000, $110.000

USDJPY Long-term Trend: Bearish
As we can see from the daily chart, the currency pair is in a downward move in its long-term outlook. The bears’ increased momentum dropped the price of the USDJPY down to the $130.563 support value below the two EMAs during yesterday’s session and sustained it. This was overridden by the bulls as activities unfold.

The bulls made a correction at the $ 131.691 supply mark below the resistance trend lines as the daily chart begins today. This is an indication that the bulls are set to return the Yen price to the upside and dominate the market.

The bulls’ pressure on the currency pair pushes the price further up to the $131.886 high value as the journey up north continues.

The market price of USDJPY is initially up at the $132.374 resistance mark below the moving averages as the buy traders took their stand to continue the bullish trend at the present.

The stochastic signal pointing up at around level 17% in the oversold region implies that the momentum in the price of the Yen is in an uptrend and may likely remain in the same direction, this will compel the buying pressure to resume fully, and this case, the price of the Yen might hit the $200.000 supply value in the coming days in its long-term outlook.

USDJPY Medium-term Trend: Bearish
The USDJPY pair remains in a bearish market zone in its medium-term outlook. The bearish pressure at the $130.563 support value during yesterday’s session sustained the bearish trend.

Today’s 4-hourly chart opens on a bullish note at the $132.167 resistance level as the bulls returned gradually to dominate the market.

The price of USDJPY further rises to $132.374 as it journeys to the north. Should the bulls add an extra effort to their buying activities the pair may likely jump above the supply trend lines to a significant value.

The daily stochastic signal pointing upwards at around level 17% in the oversold region indicates that the price of USDJPY may likely continue and remain in an uptrend in the future. As a result of this, the price of USDJPY may reach the $200.000 high value in the days ahead in its medium-term outlook.

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.