USDJPY: Upward Pressure Still Dominates

USDJPY looks bullish both in the long-term outlook and in the medium-term outlook.
Buyers may put in their aggressive orders.

USDJPY Weekly Price Analysis – October 15
USDJPY price is trending upward and this may break up the upper resistance level at $114.314.

USDJPY Market
Key Levels:

Resistance levels:  $114.330, $114.350, $114.370
Support levels:      $108.400, $108.300, $108.200

USDJPY Long-term Trend: BullishThe currency pair looks tasty for the bulls here in the long-term outlook. The sustained bullish pressure at $113.718 in the resistance area moved the Yen up and sustained it during yesterday’s session as the bulls takes over the market.

The impulse move by the buyers at $113.677 in the resistance area as the daily session opens today affirms the presence of the bulls in the market.

USDJPY now trades at $114.378 in the resistance area above the two EMAs, as the journey up north continues an indication of an uptrend in the context of the market.

However, the stochastic signal pointing up at the overbought region at around level 93 % suggests the momentum in the price of USDJPY may continue in the same direction in the nearby days in the long term.

USDJPY Medium-term Trend: BullishUSDJPY looks bullish in its medium-term outlook as can be seen from the 4-hourly chart below. The sustained bullish pressure pushes the pair further up at $113.927 in the resistance area during yesterday’s session.

Today’s 4-hourly chart opens with a bullish candle at $113.884 in the resistance area.

Activities from the buyers further move this currency pair up at $114.314 in the resistance area.

Price is initially up at $114.401 in the upper resistance area above the two EMAs which are fanned apart, this implies the bulls are gaining momentum and also dominating the market.

However, the stochastic oscillator signal is pointing up at around level 91% in the overbought region suggests an upward momentum in the price of the USDJPY.

This implies the bears are expected to take over the market direction in the nearby days in the medium-term.

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