USDJPY: Price May Break Down the $140.24 Support Value

USDJPY price may break down the $140.24 support value soon
Sellers may remain dominant in the mark soon

USDJPY Weekly Price Analysis – May 17
The USDJPY price may break down the $140.24 support value as the pair is currently running a bearish race. If the bears could add more aggression to their selling actions in the market, the target might be the $138.00 lower support value, resulting in a selling opportunity for the short traders.

USDJPY Market
Key Levels:
Resistance levels: $154.00, $155.00, $156.00
Support levels:     $148.00, $147.00, $146.00

USDJPY Long-term Trend: Bullish (Daily Chart)
The USDJPY pair is bullish but starting to drop and this may break down the $140.24 support value in its higher time frame. The Yen is trading above the moving averages, which means that it’s in a bullish trend zone.

The sustained bullish pressure on the currency pair in the past few days has sustained the Yen price above the supply trend levels in its recent high.

Today, the bears in-road briefly and dropped the USDJPY price to a $154.74 low value above the moving average as the daily chart opened, to begin its low-dips. However, a further increase in the bears’ pressure may further drop the Yen price downward to break down the $140.24 support level, resulting in a sell entry for the short traders.

In addition, the daily stochastic indicates a downward trend by pointing down in the overbought region: this means that the bears may likely continue with the bearish correction pattern to break down the $140.24 support value which might further extend the USDJPY price to reach the $138.00 lower support level in the upcoming days in its long-term outlook.

USDJPY Medium-term Trend: Bearish (4H Chart)
The market value of USDJPY is bearish in the medium-term time frame. The Yen price may break down the $155.71 support level is seen slightly below the EMAs.

The bearish pressure on the pair in the past few hours has made the Yen price remain below the supply trend lines in its recent price level.

The strong push by sellers to the $154.73 support level below the EMA-50 as the 4-hourly chart opens today shows that sellers are returning to the market in a grand style to stage a play and this may break down the $150.80 support value, if the sell traders could add more strength to their selling forces.

However, with the daily stochastic pointing in a downward direction, this means the bears may likely continue with the bearish trend. Therefore, if sellers should intensify their tension in the market and the prices break down the $150.80 low value, a bullish trend continuation to the lower support of the $138.00 level is possible soon in the medium-term perspective.

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