USDJPY: Upward Trend Still Dominates, a Buy Signal

The price bar is above the moving averages which makes it capable of rising upwards.
Buying may be considered at key areas.

USDJPY Weekly Price Analysis – October 14
USDJPY sends a clear bullish signal that the bulls are still strong. Thus, the price may continue its bullish movement and remain in the same trend at a daily close above the $149.000 supply mark.

USDJPY Market
Key Levels:
Resistance levels: $146.000, $146.100, $146.200
Support levels:  $140.345, $140.245, $140.145

USDJPY Long-term Trend: Bullish
The momentum on the higher timeframes (1D) is starting to turn undeniably bullish. The currency pair’s orientation trades in a general bullish flow.
The sustained bullish pressure pushed the currency pair up to the $146.973 supply level during yesterday’s session and sustained it.

The bulls lost momentum, as the daily chart opens today with the formation of a bearish candle at a $146.903 low value above the moving averages as the buyers continue to dictate the market at the moment.

The market price of USDJPY is initially down at the $146.688 support mark above the two EMAs, this indicates upward movement in the price of the Yen. This bullish pattern will also enable the buy traders to influence the price action and rise further.

A further downward is unlikely as the momentum indicator shows the price signal is still within the overbought region, so, we can expect more growth in the price distribution to reach the $150.000 significant level in the days ahead in its long-term perspective.

USDJPY Medium-term Trend: Bullish
On the 4-hourly chart, the market is in an upward move. The sustained bullish pressure pushes the pair further up at the $146.884 resistance level and sustained it during yesterday’s session.
The bulls still dominate the movement of the price of USDJPY down to the $146.731 support value above the two EMAs. An indication of an uptrend.

Meanwhile, the price of USDJPY is pointing up in the overbought region of the daily stochastic around level 88% indicating that the price is in a bullish momentum and a buy signal in the medium-term.

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