USDJPY– Price Potential for Bullish Rise

USDJPY market is experiencing more moves from the buyers.
The price bar is above the EMAs, making it capable of rising upwards.

USDJPY Weekly Price Analysis – June 17
The pair is trending upwards and this may likely continue to retest the $135.473 resistance level if there is increased pressure from the bulls.

USDJPY Market
Key Levels:

Resistance levels: $135.400, $135.450, $135.500
Support levels:    $131.400, $131.300, $131.200

USDJPY Long-term Trend: BullishAUDJPY is having a bullish posture in the long-term outlook. The USDJPY pair is trading above the moving averages, which means that it’s in a bullish trend zone. Sellers’ increased momentum dropped the price down to the $131.491 support level during yesterday’s session. $132.516 low level, records the close of the day.

The momentum was lost as the buyer’s inroad moved the market value of the currency pair up to the $132.526 high level as the daily chart opens today.

Activities from the bulls further moved the market price of the USDJPY up to a $133.842 high level as the journey up north continues.

The market value of USDJPY is initially up at the $134.642 resistance level above the two EMAs which are fanned apart, this indicates upward movement in the price of the Yen.

The momentum indicator shows that the price signal is also moving upwards at around level 76% in the overbought region, this implies that USDJPY may continue the upward trend in the days ahead in the long-term perspective.

Hence buyers can take their position as desired at the moment.

USDJPY Medium-term Trend: BullishThe momentum in the medium-term time frame is also bullish. It seems the bulls are taking over and ready to push us higher. The sustained bullish pressure pushes the USDJPY pair further up at the $133.289 resistance level and sustained it during yesterday’s session.

The formation of a bullish candle with a long wick above and below it at the $133.218 resistance level as the 4-hourly chart opens today affirms the bullish presence in the market.

The price action is initially up at $134.651 high level above the two EMAs which are fanned apart; this implies that the price of USDJPY is in control of the bulls at the time of writing this article; therefore it’s in an uptrend.

Likewise, the momentum indicator shows the price signal of USDJPY is pointing up at around level 40%. This indicates that the price is in a bullish momentum and a buy signal, we, therefore, expect the buyers to take us to a significant level at $135.473 high level in the nearby days in the medium-term.

Hence seller’s relief.

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