USDJPY – Price Is Trending Upward and This May Continue

USDJPY is facing more pressure from the bulls.
The currency pair is in a bullish trend both in the long-term and medium-term outlooks.

USDJPY Weekly Price Analysis – June 4
The breaking up of the $110.920 level by the bulls may increase the price.

USDJPY Market
Key Levels:

Resistance levels:  $110.920, $110.930, $110.940
Support levels:      $103.397, $103.395, $103.392

USDJPY Long-term Trend: BullishAs we can see from the daily chart, the currency pair is in an upward move in its long-term outlook. The bulls increase momentum pushes the price of the USDJPY up at $110.319 above the two EMAs in the resistance area during yesterday’s session and sustains it.

Today’s daily chart at $110.259 opens with a bearish candle in the support area. The bears’ brief return drops the price of the currency pair down at $110.140 in the support area.

Price is initially at $110.179 in the support area above the two EMAs’ which indicates an uptrend in the context of the market. The bulls are in control at the moment.

The stochastic signal pointing up at around level 84% in the overbought region implies that the momentum in the price of the Yen is in an uptrend in the long term.


USDJPY Medium-term Trend: BullishUSDJPY is in a bullish market zone in its medium-term outlook. The long bullish candle at $110.314 in the resistance area during yesterday’s session sustains the bullish momentum up.

Today’s 4-hourly chart opens on a bullish inverted pin bar at $110.227 in the resistance area, an indication of a trend reversal.

Bear’s return briefly and drop the price of USDJPY to $110.164 in the support area.

With the currency pair’s price above the two EMAs, this is an indication that the market is in an uptrend and the bulls are in control of the market at the present.

However, the daily stochastic signal pointing downwards at around level 88% in the overbought region indicates that the price of USDJPY may likely encounter a change in trend and in this case a downtrend, in the future.

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