The currency pair still trades in a bullish market zone.
Buyers remain dominant in the market at the moment.
USDJPY Weekly Price Analysis – September 22
There is a possibility for the USDJPY price to reach the $150.00 resistance mark despite the uncertainties in the market. This will be attained, if there is an interruption by buyers, the bullish correction pattern may increase the Yen price above the current price which might possibly hit the $150.00 upper supply trend line and beyond.
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
The currency pair trades in a bullish trend zone in its long-term view. 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. Thus, the recent trend may reach the $150.00 resistance point.
The USDJPY price on the daily chart today is currently facing resistance and trading above the EMAs at the $148.16 correction level. This suggests an uptrend in the context of the strength of the market and also shows that buyers are still in dominant the price actions at present.
The ongoing bullish recovery will remain intact until the currency pair sustains above the pattern’s supply trend line.
Adding to this, there is likely to be a further breakout attempt soon as the price of USDJPY points upward. If the bulls could change their orientation and push harder, the next bullish race may possibly reach the $150.00 upper resistance trend line in the coming days in its higher time frame.
USDJPY Medium-term Trend: Bullish
USDJPY price is in a bullish posture and also trades in an uptrend in its medium-term outlook. The price bar is seen above the moving averages which confirms its uptrend. Hence, this may likely reach the $150.00 supply mark soon.
The intervention from the bulls at the $147.84 supply value in the previous action has made the price of USDJPY stay above the supply trend line in recent times.
The market value of USDJPY increased significantly to a $148.11 high level above the two EMAs shortly after the commencement of the 4-hour chart today, indicating that positive sentiment is returning to the market. Thus, sellers need to add more pressure to their activities to move the market beyond the current price level.
In addition, the market value of USDJPY is pointing upwards around level 75% of the daily stochastic. This will compel the buy traders to cluster around the market and push the price further up.
As a result, the price of USDJPY may likely reach the $150.00 upper resistance value in the coming days in its medium-term outlook as we watch buyers dominating the market.
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