USDJPY remains bullish and may break up the $158.43 resistance value.
Buyers may take their desired position in the key areas.
USDJPY Weekly Price Analysis – June 14
At the moment the USDJPY remains on the positive side and may likely break up the $158.43 resistance value if the bulls could add more aggression to their buying actions in the market. The target might be the $160.000 upper resistance value, resulting in a strong buy signal for the long-term traders.
USDJPY Market
Key Levels:
Resistance levels: $156.00, $157.00, $158.00
Support levels: $141.00, $139.00, $138.00
USDJPY Long-term Trend: Bullish (Daily)
There is an opportunity for the USDJPY pair to break up the previous resistance level as the price is going up at the moment. Further, the coin prices are traded above the EMA-50, this confirms a bullish trend.
The sustained bullish pressure on the currency pair in the last two days has sustained the Yen price above the supply trend levels lately, which may break up the $158.43 resistance level soon in its recent high.
As a result of price rejection in the previous action, buyers pushed the price of USDJPY higher to a $157.31 high level above the supply trend levels as the daily session opens today. This is an indication of an uptrend.
Therefore, if the bulls should increase their tension in the market, the price tendency may likely soar higher to break up the $158.43 resistance value, resulting in an intraday gain for the buy traders.
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 its previous supply value which might further extend the USDJPY price to reach the $160.00 resistance mark soon in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The currency pair is showing a bullish posture and may likely break up its previous value soon in its medium-term outlook. This is due to the high inflow from the long traders. The price bar is above the moving averages, indicating a bearish trend.
The increase in momentum by the bulls to the $156.90 supply value during the previous session has enabled the USDJPY price to stay strong and break up the resistance lines in its recent high.
The market value of USDJPY jumped up to the $136.078 high level above the two EMAs shortly after the commencement of the 4-hourly chart today, indicating that positive sentiment is returning to the market. Thus, buyers must add more pressure to their activities to move the market beyond the current price level.
In addition, the USDJPY market indicates more upside possibilities as shown by the daily stochastic pointing upwards; we can certainly expect more gains and strength from the Yen.
The pair may likely grow further to break up the $157.71 resistance value and expose to the $160.00 upper resistance level in the days ahead in its medium-term time frame.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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