USDJPY looking nice, price maintains an upside channel.
The price bar is above the EMAs which makes it possible to rise upwards.
USDJPY Weekly Price Analysis – May 10
The USDJPY price remains positive and maintains an upside channel. The pair at the moment is currently recovering and also remains strong above the supply levels. If the long traders could prove stronger and the price shows sustainability above the $158.43 previous high point, its upside moves could extend further to reach the $160.00 upper resistance level and beyond, resulting in an intraday gain and a potential buy signal for the buy traders.
USDJPY Market
Key Levels:
Resistance levels: $153.00, $154.00, $155.00
Support levels: $140.00, $139.00, $138.00
USDJPY Long-term Trend: Bullish (Daily Chart)
The USDJPY pair is maintaining an upside channel on the higher timeframes. The pair is undeniably bullish as we can see from the chart. We’ve also more or less run out of time for the bears to take over again, so it seems likely that the bulls are taking over and pushing us higher. There are multiple possible targets at this point, but either way, the pair looks quite bullish here, so best to position ourselves accordingly and see how far this can go.
The persistent bullish pressure drove the currency pair up to a $154.74 high level during yesterday’s session and sustained it. This has made it possible for the Yen price to maintain an upside channel in its recent high.
Today, the long traders swept the bearish momentum under the rug, by pushing the price of USDJPY to an intra-day high of $155.60 value above the supply levels. This indicates that buyers remain dominant and the price of USDJPY is in an upside channel, as buyers continue to dictate the market at the moment.
Further, an increase in the buying pressure might lead the price of the Yen to retest the previous high of $158.43 high mark, obtaining a higher footing to rise higher.
Additionally, the price of USDJPY may continue to maintain an upside channel as indicated by the daily signal which is pointing up; hence, buyers could therefore aim at the psychological level of $160.00 resistance value in the days ahead as the currency pair maintains an upside channel and remains firm above the supply trend levels in its long-term perspective.
Hence, buyers may take a position as desired.
USDJPY Medium-term Trend: Bullish (4H Chart)
On the 4-hourly chart, the USDJPY market is also maintaining an upside channel. The price is seen progressing upward above the supply levels which means that the bulls are dominating.
The bullish impact on the currency pair to a $154.92 supply level during the previous action has sustained the Yen price in an upside channel in its recent trend levels.
Buyers initiate an aggressive move to a $155.60 resistance value above the moving averages as the 4-hour chart resumes today with an intraday gain. With sustained buying, the price may challenge the $158.43 supply strength and set the potential for further growth.
Additionally, the daily stochastic remains in an upward direction. This means that the USDJPY price might continue to maintain its upside channel pattern, in light of this the Yen price could reach the $160.00 upper resistance level soon in its medium-term outlook.
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