USDJPY: Set for the Next Bull Trend

The currency pair is set for the next bull trend.
Sellers remain dominant in the market at the moment.

USDJPY Weekly Price Analysis – September 13

After completing the lows, the USDJPY pair may increase to the upside soon, as the coin price is set for the next bull trend. The pair has been displaying a bearish trend lately despite the entire market struggling to get back on its feet. Therefore, if all support level holds, and the bulls should put more aggression into their activities, the coin price may rally to hit the $161.95 high level and extend to a $165.00 upper resistance level, signaling a buy potential for long traders.

USDJPY Market
Key Levels:
Resistance levels: $155.00, $156.00, $157.00
Support levels: $140.00, $139.00, $138.00

USDJPY Long-term Trend: Bearish (Daily Chart)

The USDJPY pair is set for the next bull trend as shown by the daily chart structure. The price bar is below the supply levels, indicating a bearish trend zone in its long-term view.

The sustained bearish pressure on the currency pair in the past few days has sustained the Yen price below the supply trend levels in its recent low. However, the bulls are set for the next bull trend as the market is oversold.

Today, the USDJPY price on the daily chart is below the EMA-50 and trading at the $140.70 support level, suggesting a bearish momentum.

Hence, if the bulls should increase their tension in the market, the price tendency may turn positive and break up the $161.95 resistance value, resulting in an intraday gain for the buy traders.

In addition, the daily stochastic indicates an upward trend, implying that the selling pressure is unlikely. The emergence of the long traders is crucial and may drive the USDJPY price to a high at the $165.00 upper resistance mark in the days ahead, registering a buy signal as the Yen buyers set for the next bull trend in its long-term outlook.

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

Analyzing the chart below, the USDJPY pair is set for the next bull trend as the Yen price is correcting. The price trades below the resistance line, indicating the currency pair’s orientation trades in a bearish market in its medium-term outlook.

The intervention from the bears at $141.09 in the previous action has made the currency pair stay below the supply trend line in its recent high.

The market value of USDJPY jumped up to the $141.78 high level above the EMA-50 shortly after the commencement of the 4-hourly chart today, indicating that positive sentiment is returning to the market as the bulls set for the next bull trend. Thus, buyers need to add more pressure to their activities to move the market beyond the current price level.

In addition, the USDJPY market suggests more upside possibilities by pointing up the daily stochastic, indicating more gains and strength from the pair. The pair may likely grow to retest the $149.39 resistance soon in its medium-term time frame.

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