USDJPY – Sellers Will Invade Soon

USDJPY sellers will invade soon as buying pressure is about to be exhausted.
The currency pair is in an upward momentum both in the long-term and medium-term outlooks.

USDJPY Weekly Price Analysis – April 26
The USDJPY pair remains in an uptrend. Meanwhile, sellers will invade soon as the Yen price is at the overbought level on the daily chart. Should the bears prove stronger and the Yen price drops below the $140.24 support level, the downward momentum could drop further to hit the $138.00 lower support level and beyond.

USDJPY Market
Key Levels:
Resistance levels: $152.00, $153.00, $154.00
Support levels: $140.00, $139.00, $138.00

USDJPY Long-term Trend: Bullish (Daily Chart)
USDJPY is bullish on the daily chart. However, sellers will invade soon as the bullish pressure here seems to be exhausted. The impulse move by the bulls to the $154.85 resistance level during yesterday’s session has sustained the bullish momentum within the range.

Today’s daily chart which opens with the formation of a bullish inverted Harmer candle at the $155.17 high mark above the supply levels is an indication of a trend reversal This implies that sellers will invade the market soon.

Thus, should the bears exchange hands with the buy traders at the $155.17 high level and close below the $140.24 support value, the USDJPY price might drop further to the lower support area leading to an entry opportunity for sellers.

Additionally, the USDJPY sellers may invade soon as indicated by the daily stochastic pointing down at the overbought area. This means that the Yen price is overbought. This will compel the bears to invade the market soon.

In light of this, the pair may drop down to hit the $138.00 lower support value in the coming days in its medium-term perspective.

USDJPY Medium-term Trend: Bullish (4H Chart)
The momentum on the medium-term time frame is also bullish. Nevertheless, sellers will invade soon as the Yen price now approaches the overbought area. Prices are above the moving average which confirms its bullishness.

The sustained bullish pressure to the $154.82 high level in the previous action has led to the pair’s recent high.

The USDJPY price at a $155.10 high mark above the supply levels as the 4-hourly session begins today is an indication of an uptrend. Meanwhile, it seems sellers will invade soon as the market now approaches the overbought region. Thus, if the bears could wrestle trend control with the bulls at the $15.10 supply level, the Yen price might turn down to retest the previous support level at $150.80.

In addition to this, it seems sellers will invade soon and take over the price of USDJPY as the market now approaches the overbought region. This means the buying pressure will end soon and sellers will invade the market to commence the downward moves.

As a result, the next price target by sellers could be the $138.00 lower support level in the days ahead as we look forward to sellers invading soon in its medium-term perspective.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.