USDJPY: Price Remains Pressured above the Supply Levels

USDJPY price remains pressured above the supply levels.
Overall market sentiment regarding the currency pair remains bullish.

USDJPY Weekly Price Analysis – November 1

USDJPY price remains pressured above the supply levels despite the influence of the bears in the order flow. The Yen is experiencing high pressure from the bulls. Conversely, if the bullish pattern persists and sustains above the $161.95 resistance point, the bulls’ trend could continue rising to hit the $170.00 upper high level, suggesting a buying opportunity for long traders.

USDJPY Market
Key Levels:
Resistance levels: $150.00, $151.00, $152.00
Support levels: $146.00, $145.00, $144.00

USDJPY Long-term Trend: Bullish (Daily Chart)

The USDJPY price remains pressured above the supply levels as the bulls determine the market conditions in the long-term outlook. The price bars are above the supply trend levels, indicating a strong bullish trend.

The increase in bulls’ momentum to a $153.48 high level in the past session has enabled the price of USDJPY to remain pressured above the supply levels in its recent high.

Despite the interference of the short traders at the $151.91 support level today, the Yen price remains pressured above the supply levels on the daily chart, suggesting an uptrend and more bullish impacts on the currency pair. Meanwhile, staying above the supply levels gives the currency pair the tendency to rise further.

Therefore, an increase in buying momentum could turn the USDJPY price positive to hit the $161.95 barrier, triggering the recovery pattern and driving the prices of USDJPY higher to the $170.00 overhead resistance in the coming days as the pair remains pressured above the supply levels in its higher time forecast.

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

The USDJPY price remains pressured above the supply levels, experiencing a significant price surge in its medium-term outlook. The currency pair is rising, as seen from the chart below.

The bullish pressure at the $153.52 resistance level in the past action has made the Yen price remain pressured and stay above the supply trend levels in recent times.

Despite the interaction from the bears at the $151.91 low mark, the bulls successfully pulled back the USDJPY price to a $152.74 high mark above the resistance trend lines as the journey up north continues shortly after the 4-hourly chart opens today.

The price remains pressured above the supply levels; if this continues, the Yen price could surge to reach the $153.87 previous barrier, as the bulls remain dominant and have the market price at their disposal at the moment. Further, an increase in buying pressure will lead the price of USDJPY towards the upper resistance levels.

Hence, the USDJPY price might remain pressured above the supply levels and continue in the same direction as indicated by the daily stochastic pointing in an upward direction.

The bulls could aim at the psychological $170.00 upper resistance value in the days ahead as the USDJPY remains pressured above the supply levels in its medium-term perspective.

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