The currency pair may experience a possible reversal soon.
Sellers remain dominant in the market at the moment.
USDJPY Weekly Price Analysis – March 8
The market price of USDJPY may experience a possible reversal at the $148.40 support level to resume its upside moves soon. The pair could see another bullish rally soon if the bulls should push harder and exchange hands with the bears at the $148.40 current support, the price may likely reverse in a bullish direction and may perhaps retest the previous high of $151.90 which might expose the Yen price to the $152.00 upper high level and beyond, resulting to the best forex signal to buy for the buy traders.
USDJPY Market
Key Levels:
Resistance levels: $148.00, $149.00, $150.00
Support levels: $140.00, $139.00, $138.00
USDJPY Long-term Trend: Bearish
USDJPY indicates a downward trend with a bearish sentiment in its long-term perspective. The coin is trading below the EMAs. However, the current trend may experience a possible reversal as the market is oversold already.
The sustained bearish pressure at the $149.09 support value during yesterday’s session has made the Yen price drop below the supply levels in its recent low.
Today, actions from the bears further drop the USDJPY price down to a $148.40 support level below the moving averages; this is an indication of a bearish momentum in the context of the strength of the Yen. The bears are dictating the market conditions at present.
Hence, should the bulls put additional efforts into their buying motives; the price of USDJPY may experience a possible reversal at the mentioned support and turn positive to retest the previous high of $151.90 value.
Further, USDJPY is likely going to experience a possible reversal and face the upsides soon as the market is now trading in the oversold region around the 5% range of the daily stochastic; it means that the selling pressure will end soon.
This will compel the buy traders to resume an uptrend and may likely break up the $151.90 supply level to hit the $152.00 upper resistance in the days ahead in its higher time frame.
Hence, buyers need to wait for this action to take place before placing an order.
USDJPY Medium-term Trend: Bearish (4H Chart)
According to the chart below, the medium-term outlook for the USDJPY market is in a bearish trend zone. The prices can be seen trading below the resistance levels which suggests a bearish trend. The bears have benefited from the recent market structure.
The bearish candle at the $148.61 low value during the previous action has made the Yen price trade below the supply levels in recent times.
However, the Yen is about to experience a possible reversal and the current trend will soon be nullified as the market now trades at the oversold region.
The price action drops significantly down to the $148.40 support level as the 4-hourly chart opens today. This is an indication of a downtrend and an opportunity for the sell traders at the moment.
Thus, if buyers eventually wrestle trend control from sellers and rebound from $148.40 support, a breakout above the trend line is needed to confirm the potential Bull Run.
Meanwhile, the USDJPY may experience a possible reversal at the $148.40 support level and face the upsides soon as the market is already oversold. If this is achieved by the long-term investors, the recovery rally may reach the $152.00 upper high value in the coming days in its medium-term perspective.
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