USDJPY: Price Is Trending Downwards and This May Continues

USDJPY, the trend is falling and the price has not yet reached its goal-a a strong support level of $107.424.
Bulls are losing momentum gradually, might be time to sell USDJPY soon.


USDJPY Weekly Price Analysis – July 16
Should the bears increase their momentum, the support level at $107.424 may be retest.

USDJPY Market
Key Levels:

Resistance levels:  $109.810 , $109.820, $109.830
Support levels:      $107.424, $107.414, $107.404

USDJPY Long-term Trend: BearishThe USDJPY pair is in a bearish trend market in its long-term outlook as we can see from the chart. The sustained bearish pressure pushed the Yen down during yesterday’s session to $109.714 in the support area.

The bears lost momentum as the bulls return briefly and open the daily chart today at $109.811 in the resistance area.

USDJPY price further rises to $110.068 in the resistance area below the two EMAs, an indication that the market is in a downward trend.

Hence, stochastic oscillator signal pointing down at around level 25% in the oversold region, suggests a downward momentum in the price of the currency pair, which means the price might continue to remain in favor of the bears in the nearby days in the long-term.

USDJPY Medium-term Trend: BearishThe currency pair is still trading in a bearish trend market in its medium-term perspective. The sustained bullish pressure pushed the USDJPY pair further up at $109.900 in the resistance area during yesterday’s session.

The 4-hourly chart opens today on a bullish note at $109.883 in the resistance area.

The price of USDJPY is now up at $110.068 in the resistance area, below the two EMAs, an indication of a downtrend in the context of the strength of the market.

With the price below the two EMAs and the stochastic signal pointing downwards at around level 18% in the oversold region suggests the price of USDJPY is in a downward trend and sellers are dominating the market in the medium-term.

Hence, sellers may take positions as desired.

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