The currency pair shows a fundamental growth above the supply levels.
Buyers remain dominant in the market at the moment.
USDJPY Weekly Price Analysis – January 19
At the moment the USDJPY remains strongly on the positive side. The pair shows fundamental growth and remains strong above the $147.17 supply mark. If the Yen price could sustain above the pattern supply trend line, the coin price may trigger up to the overhead resistance mark at the $152.00 level, thus a clear buy signal.
USDJPY Market
Key Levels:
Resistance levels: $146.00, $147.00, $148.00
Support levels: $140.00, $139.00, $138.00
USDJPY Long-term Trend: Bullish (Daily Chart)
From the chart below we can be assured that USDJPY is in a bullish move and shows a fundamental growth above the supply levels in its long-term view. This is clear as we can see price continues to make higher highs and higher lows.
The sustained pressure from the bulls at the $147.31 supply level during yesterday’s session has contributed to its bullishness in its recent high.
Today’s daily bullish candle at the $148.52 resistance level above the moving averages confirms the bulls’ dominance in the USDJPY market. This breakup may accelerate the bullish momentum and extend the ongoing correction to a higher level.
Similar to that, the underlying sentiment suggests an uptrend continuation in the coming days as indicated by the daily stochastic. It is expected of buyers to push the price of USDJPY further up to a significant level in the upsides and in this case, the target might be $152.00 upper resistance level in the higher time frame.
USDJPY Medium-term Trend: Bullish (4H Chart)
On the medium-term outlook, the USDJPY price also shows a fundamental growth above supply levels. This is due to the high inflows from the buy traders.
During the previous action, the bullish impact on the pair to the $ 147.27 supply level has sustained its firmness above the supply levels in its recent high.
Today, the bulls moved upward to the $148.49 high value above the moving average lines as the 4-hourly chart opens. This is an indication of an uptrend.
The USDJPY price looks promising as the bulls remain dominant in the market at the moment. If the bulls should increase their price action, and hold the sustainability above the resistance trend lines, further bearish sentiment will be hibernated.
Additionally, the daily stochastic remains in an upward direction. Hence, if the coin buyers manage to break above the $148.52 previous supply trend line, the market participants may witness a new recovery rally and this may likely reach the $152.00 high mark soon as the Yen price continues to show fundamental growth above the supply levels in its medium-term perspective.
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