The currency pair still trades in a bullish market zone.
Buyers remain dominant in the market at the moment.
USDJPY Weekly Price Analysis – April 5
At the moment the USDJPY remains on the positive side. The price may break up the current resistance level and soar higher if the bulls could add more aggression to their buying actions in the market. The target might be the $160.000 upper resistance value.
USDJPY Market
Key Levels:
Resistance levels: $149.00, $150.00, $151.00
Support levels: $143.00, $142.00, $141.00
USDJPY Long-term Trend: Bullish
The USDJPY price is bullish on the higher time frame. The price may break up the current price level which is above the two moving averages due to the high impact of buyers.
The high order flow of the bulls to the $151.68 during yesterday’s session also added to this bullishness. However, the bulls are now set to further break up the Yen price to the upper resistance zone
The USDJPY price on the daily chart at the time of writing today is currently facing the upper resistance and trading at the $151.95 correction level above the supply levels. This is an indication of an uptrend and this might break up the current level to stabilize the bullish momentum.
Thus, a possible break up from the $151.95 neckline will accelerate the buying momentum and push the prices to reach the upper higher level. This will bolster more buying pressure on the pair to the upper resistance levels.
In addition, the daily stochastic indicates an upward trend, which means that the buy investors may likely continue with the bullish correction pattern to break up the current supply value which might further extend the USDJPY price to reach the $160.000 resistance mark soon in its long-term outlook.
USDJPY Medium-term Trend: Bullish
USDJPY is showing a more bullish impact in its medium-term time frame. The Yen price may break up the $151.95 high level as the bulls are having the market at their disposal at the moment.
In the past few hours, the bullish pressure at the $151.24 supply level has sustained the currency pair price above the trend levels in its recent high.
The bulls aggressively moved up with a bullish candle to the $151.75 resistance level above the two EMAs shortly after the 4-hourly chart opens today. This however makes it possible for the Yen to break up the previous high of $151.86. Trading above the moving averages will enable the market value of USDJPY to keep pushing up.
Similarly, the price signal which is pointing upwards indicates that the trend will remain in an uptrend if buyers should intensify their tension in the market and the prices break up the $151.95 resistance trend line, a bullish trend continuation to the overhead resistance of $16.00 is possible soon in the medium-term outlook time frame.
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