USDJPY Price Might Experience Further Dumps

The bears may resume the journey to the south soon
USDJPY price may possibly break down the $128.082 Lower Support Soon

USDJPY Weekly Price Analysis – August 4
The USDJPY pair is on the verge of more downsides. USDJPY price might experience further dumps. If the bears could increase their selling power and break down the $127.988 previous support value, the Yen price may further drop to a $125.900 lower support level and this may invalidate any bullish signs.

USDJPY Market
Key Levels:
Resistance levels: $130.00, $140.00, $150.00
Support levels:    $125.00, $123.00, $121.00

USDJPY Long-term Trend: Bullish
On the daily chart, the USDJPY pair is trading above the moving averages, which means that it’s in a bullish trend zone. The sustained bullish pressure at the $143.545 level in the past few days actually made it capable for the buy investors to retain the upward strength in its recent high.

The bears returned briefly and made a drop in the price of USDJPY to the $142.747 support value above the moving averages as the daily chart resumed today. This implies that the short traders are about to resume the bearish momentum.

It seems that the bears are about to take over and push the pair lower, a breakdown below the supply trend levels at the $130.628 low value could signal a change in the price trend which might lead to an increase in selling pressure.

In addition to that, the momentum indicator which is pointing down in the overbought region of the daily stochastic indicates that the buying pressure is exhausted and the price of USDJPY may possibly remain in that direction to hit the $125.900 lower support level in the coming days in the higher time frame.

USDJPY Medium-term Trend: Bullish
As shown in the chart below, the price of USDJPY is in an uptrend in its medium-term outlook. The price bar can be seen slightly below the EMA-9 but above the EMA-50 which indicates an uptrend.

The bullish pressure on the pair in the past few hours has made the Yen price remain in an uptrend in its recent price level.

The price of USDJPY which is currently trading at the $142.951 supply value below the EMA-9 as the 4-hourly session opens today implies that the momentum in the price of the coin is in an uptrend in the context of the strength of the market. Also, the bulls are getting weaker in this current trend.

In case the bears try to increase their pressure, the support level of $137.640 may be tested which may be broken downside and the price slump to the $125.900 support value and beyond in its medium-term outlook.

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