The currency pair is in a bearish market zone.
The bears remain dominant in the market at the moment.
USDJPY Weekly Price Analysis – April 7
The USDJPY pair will rise soon as the Yen market is making a new corrective move to the supply levels at the moment. Further increase in the bulls’ pressure may break up the $150.286 high value and this may extend the price to the $160.000 upper resistance level.
AUDJPY Market
Key Levels:
Resistance levels: $150.200, $150.300, $150.400
Support levels: $130.500, $130.400, $130.300
USDJPY Long-term Trend: Bearish
The USDJPY price is forming lower lows and lower highs on its long-term chart. Further, the price is trading below the two EMAs; which means that it’s in a bearish market zone at the moment.
The price drop to the $131.521 low value during yesterday’s session has made the coin price trade below the supply levels. This will soon be invalidated as the trend has just resumed its rising pattern but has not yet reached its goal.
The Yen rebounded from the mentioned support with a bullish candle at the $131.699 supply value as the daily chart opens today. This indicates a genuine reversal which may attempt the $150.286 breakout.
Additional efforts from the bulls further pushed the price of USDJPY up to the $131.845 resistance value below the two moving averages, this indicates that the bulls are coming gradually into the market to dominate the price actions.
Meanwhile, further downside is unlikely as indicated by the daily stochastic which remains in an uptrend. This might possibly expose the USDJPY price to the $160.000 supply levels in the coming days in its long-term outlook.
USDJPY Medium-term Trend: Bearish
The USDJPY pair is in a bearish movement zone in its medium-term outlook. This is due to the inflow from sellers. Further, the price is gathering momentum and has decided to face the upsides to achieve more gains.
The bearish candle at the $131.301 low value during the previous action has made the Yen price trade below the supply levels in its recent high.
Just after a few minutes of opening the 4-hourly chart, the bulls made a correction at the $131.736 supply value below the two EMAs to resume its uptrend. This will actually encourage the buy traders to invest in the crypto, as possible future gains are certain.
Furthermore, it seems the bulls are ready to continue with the upward rally as indicated by the daily stochastic which is pointing in an upward direction. This may likely push the price of USDJPY up to reach the $160.000 supply level 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.
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