USDJPY price sets the ball rolling towards the $160.00 high level and looks tasty for the bulls.
The currency pair still trades in a bullish trend.
USDJPY Weekly Price Analysis – June 21
At the moment, the USDJPY price remains on the positive side and sets the ball rolling towards the $160.00 upper high level. The pair is facing an increase in buying pressure. Should bulls increase their momentum, the price might rise to $158.43 and $160.00 respectively in the upper resistance area.
USDJPY Market
Key Levels:
Resistance levels: $155.00, $156.00, $157.00
Support levels: $143.00, $142.00, $141.00
USDJPY Long-term Trend: Bullish
USDJPY price sets the ball rolling towards the overhead resistance as it moves upward in its long-term outlook. The 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. This has enhanced the Yen price to set the ball rolling towards the upper high level for a strong upward performance.
$157.83 in the resistance area opens today’s daily session as buyers remain dominant.
The price of USDJPY is up initially at the $157.95 resistance level above the moving average, indicating an uptrend as it sets the ball rolling toward the upper resistance level.
However, if the buying pressure increases, the price may likely reach the $158.43 previous high level, resulting in a potential buy signal and an intraday gain for the buy traders.
In addition, the daily stochastic indicates an upward trend, this means that the buy investors may likely continue with the bullish correction pattern to break up the previous supply value which might further extend the USDJPY price to reach the $160.000 resistance mark soon as it sets the ball rolling towards the overhead resistance level in its long-term outlook.
USDJPY Medium-term Trend: Bullish
The price of USDJPY is in an ascending channel, as it sets the ball rolling toward the overhead resistance on the medium-term chart.
The intervention from the bulls to the $157.89 high level in the previous action has made the pair price stay above the supply trend line in its recent high level
The market value of USDJPY jumps to the $157.95 resistance value above the EMA shortly after the 4-hour trading session opens today: this however indicates an uptrend in the momentum of the price of the Yen.
Thus, buyers need to add more pressure to their activities to set the ball rolling towards the $158.23 previous high level, resulting in an intraday gain to the buyers.
In addition, the USDJPY market is showing more upside possibility as shown by the daily stochastic pointing upwards; we can certainly expect more gains and strength from the coin, as the pair sets the ball rolling toward the upper resistance at $160.00 level in its medium-term perspective.
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