The currency pair still trades in a bullish market zone.
There is a high probability of a price breakdown soon
USDJPY Weekly Price Analysis – June 23
At the moment the USDJPY market remains on the positive side. The price may likely slide and break down the $128.082 support mark if the bears could add more aggression to their selling motives in the market. The target might be the $80.000 lower support value.
USDJPY Market
Key Levels:
Resistance levels: $140.000, $141.000, $142.000
Support levels: $130.000, $129.000, $128.000
USDJPY Long-term Trend: Bullish (Daily Chart)
The currency pair trades in a bullish trend zone in its long-term view. The coin prices are traded above the moving averages, this confirms a bullish trend.
The sustained bullish pressure on the currency pair in the past few days has sustained the USDJPY price above the supply trend levels in its recent high.
Pressure from the bulls pushed the price of USDJPY up to the $142.169 supply value above the two EMAs as the daily chart commenced today. This is an indication of an uptrend.
Meanwhile, the Yen market is overbought, if the bears could push stronger below the previous low at $128.082 level, further bullish thesis would be nullified.
Adding to this, the USDJPY price is pointing upwards at around the level of $90%, indicating that the market value of USDJPY is overbought already. This means that the buying pressure will soon end.
As a result of that, the bearish race might possibly reach the $80.000 lower support level in the coming days in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The currency pair’s orientation trades in a bullish market in its medium-term outlook. The price bar is seen above the moving averages.
The intervention from the bulls at $141.241 in the previous action has made the coin price stay above the supply trend line in recent times.
The market value of USDJPY drops down to the $141.703 low level above the two EMAs shortly after the commencement of the 4-hourly chart today, indicating that negative sentiment is returning to the market. Thus, sellers need to add more pressure to their activities to move the market down beyond the current price level.
Thus a break below the $133.743 support value will invalidate any further bullish rally, thus a selling opportunity for the short traders.
Adding to this, a bearish impact by the short investors toward the lower side is likely as indicated by the momentum indicator pointing downwards, the bears could therefore aim at the psychological level of $80.000 lower support value in the days ahead as the Yen continues its journey down south in its medium-term perspective.
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