USDJPY: Price Will Rise Soon, Breakout Is Imminent

The USDJPY price will rise soon, breakout is imminent.
The bears remain dominant in the market at the moment.

USDJPY Weekly Price Analysis – September 6

The USDJPY pair will rise soon as the Yen market is in the oversold region, indicating that the selling pressure is exhausted and might end soon. The pair is making a new corrective move to the supply levels on the 4-hour chart; thus, the currency pair is poised to rise soon and may break the $161.95 high value and extend to a significant level at the upper channel, suggesting a buy signal for the long traders.

AUDJPY Market
Key Levels:
Resistance levels: $145.00, $146.00, $147.00
Support levels:   $140.00, $139.00, $138.00

USDJPY Long-term Trend: Bearish (Daily Chart)

The long-term chart of USDJPY suggests the price will rise soon, and a breakout is imminent as the market enters the oversold region. The Yen price is forming lower lows and lower highs below the supply levels, indicating a bearish trend.

The USDJPY price drop to the $145.10 low value during yesterday’s session has made the pair trade below the supply levels in its recent low. This will be invalidated as the market selling pressure is exhausted, anticipating a rise soon.

The USDJPY price at a $143.94 low value below the moving average as the daily session opens today is undeniably bearish due to a high bearish impact on the Yen.

Meanwhile, the currency pair will rise soon, and a breakout is imminent as the market is already oversold. Thus, if a surge in buyers’ interest occurs, the Yen price could reverse at the $143.94 low mark and turn upside to hit the $161.95 previous barrier, creating an opportunity to buy the pair.

Meanwhile, further downside is unlikely, as indicated by the daily stochastic, pointing down in the oversold region. As a result, the emergence of bulls is crucial at this point, and this may drive the USDJPY price to the $165.00 upper resistance level in the coming days as the pair suggests a rise soon in its long-term outlook.

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

The USDJPY pair will rise soon, and a breakout is imminent as a new correction is taking place in its medium-term outlook. Further, the price is gathering momentum below the supply levels, indicating a bearish trend.

The increase in momentum by the bears at a $143.07 support value during the last few hours has enabled the USDJPY price to stay below the resistance lines in its recent low.

The Yen price will rise soon, and a breakout is imminent as the price action rebounded from the mentioned support with a bullish candle at the $144.12 supply value as the 4-hourly chart opens today, indicating a genuine reversal which may attempt the $153.88 breakout, as possible future gains are certain.

Furthermore, it seems the bulls are ready to continue with the upward rally, and the price will rise soon, as indicated by the daily stochastic, which points upward. This may push the USDJPY price up to reach the $165.00 supply level in the days ahead in its medium-term outlook.

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