USDJPY Price Maintains Strength above Supply Trend Levels

The USDJPY price maintains strength above supply trend levels.
The bulls are still dominating the market at the moment.

USDJPY Weekly Price Analysis – November 15

The USDJPY pair maintains strength above supply trend levels as it recently experienced a significant surge in its market value. There is a possibility for the Yen to swing up and test the $161.95 peak value. Should the bulls increase their pressure, the resistance level of $155.42 may not hold, and it may extend to a $165.00 high level and beyond, signaling a potential bullish trend and a buying opportunity for long-term traders.

USDJPY Market
Key Levels:
Resistance levels: $154.00, $155.00, $156.00
Support levels: $140.00, $139.00, $138.00

USDJPY Long-term Trend: Bullish (Daily Chart)

Amidst strong buyers’ confidence and interest, USDJPY turns positive today and maintains strength above supply trend levels, as seen from the chart below. The coin price trades close to the upper channel of the market and confirms a highly bullish race.

The sustained bullish pressure on the currency pair at $154.92 in the last trading session has sustained the Yen price to maintain strength above the supply trend levels in its recent high.

Today, the USDJPY price maintains strength above supply trend levels at $155.42 as the journey up north continues after the daily chart opens.

The recent market structure depicts that the bulls remain dominant and have the market price at their disposal. Further increase in the buying pressure might lead the price of USDJPY to retest its previous high of $161.95 high mark, highlighting robust performance and strong buyer interest.

Additionally, a bullish impact by the long traders toward the higher side is likely, as indicated by the stochastic oscillator pointing upwards. The bulls could aim at the psychological level of $165.00 resistance value in the days ahead as the USDJPY price maintains strength and remains firm above the supply trend levels in its long-term perspective.

USDJPY Medium-term Trend: Bullish (4H Chart)

On the medium-term outlook, the USDJPY price maintains strength above supply trend levels due to the high inflows from the buy traders.

The bullish impact on the Yen to 154.78 level in the past few hours has sustained its firmness above the supply trend levels in its recent high.

Today, the USDJPY pair maintains strength above supply trend levels as the bulls made an upward move to the $155.42 high value above the moving average lines as the 4-hourly chart opens. The pair looks promising as the bulls remain dominant in the market.

Hence, if the bulls should increase their price action and bullish momentum is sustained far above the $155.42 current resistance trend lines, further bearish sentiment may not occur.

Additionally, the daily stochastic remains upward. Therefore, if the buy traders break above the current value and close a candle, the market participants may witness a new recovery rally, and this may likely reach the $16.00 high mark in the days ahead as the price maintains strength above the supply trend levels in its medium-term time frame.

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