USDJPY: Price Might Increase Further

USDJPY price might increase further as it stalls above the supply levels.
Buyers may take their positions as desired.

USDJPY Weekly Price Analysis – October 18

The USDJPY price might increase further as it heads towards the upper resistance area with high volume from the bulls. However, the pair continues its bullish trend if the daily candle closes above the $161.95 resistance level; the $162.00 upper resistance level might be the next target as it increases further.

USDJPY Market
Key Levels:
Resistance levels: $147.00, $148.00, $149.00
Support levels: $140.00, $139.00, $138.00

USDJPY Long-term Trend: Bullish (Daily Chart)

The USDJPY market structure denotes that the Yen price might increase further momentum in the higher time frames (1D). The general outlook of the pair is undeniably bullish, as the price bars remain above the supply levels, suggesting a high volume from the bulls.

We’ve also more or less run out of time for the bears to take over again, so it seems likely that the bulls are about to take over and push us higher. There are multiple possible targets at this point, but either way, the pair looks quite bullish here. So best to position ourselves accordingly and see how far this can go.

The sustained bullish pressure to a $149.98 high level in the past few days has made the USDJPY price increase further in its recent high.

After the completion of yesterday’s low at $148.84, the USDJPY price increases further to a $149.74 resistance point above the EMA-50 as today’s daily chart opens, indicating a potential bullish trend and a possible bullish breakout.

However, as anticipation builds for an upcoming upgrade, the currency pair might increase to the $161.95 resistance level, denoting a rise in volatility.

Furthermore, the stochastic oscillator pointing up indicates that the USDJPY price might increase further, and the $162.00 upper resistance level might be reached soon as the price increases in the long term. Hence sellers’ relief.

USDJPY Medium-term Trend: Bullish (4H Chart)

The medium-term chart of USDJPY suggests the price might increase further as the bulls remain dominant. The pair denotes bullishness as prices are above the supply levels. The bulls’ sustained pressure to a $149.26 supply level has enabled the Yen price to increase further in its recent high.

However, on the 4-hour chart today, there is a broader recovery in the prices. The USDJPY pair jumped to a $149.74 supply level above the EMA-50 as the bulls continued to gain strength, suggesting a further increase in the Yen price. A strong breakup above the $149.95 resistance point would strengthen the bullish pressure.

Meanwhile, the price of USDJPY is pointing up on the daily stochastic around level 62%, indicating that the price might increase further and the $162.00 upper resistance level might be reached soon in the medium-term.

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