USDJPY : Where Are The Bulls?

USDJPY is in a bearish trend in the long-term and in a bullish trend in the medium-term.
The sellers are in the dominance of the market.

USDJPY Weekly Price Analysis – August 6
Should the sellers increase their momentum, the support level of $107.424 may be retest.

USDJPY Market
Key Levels:

Resistance levels:   $111.000, $111.005, $111.010
Support levels:       $107.424, $107.420, $107.416

USDJPY Long-term Trend: BearishUSDJPY is having a bearish posture on the long-term outlook. The bears made a progressive movement to the south below the 9-EMA at $108.877 in the support area as the low attained by the currency pair on the 5th of August.

Today’s daily chart opens at $109.760 in the resistance area on a bullish note.

USDJPY further rises to $109.882 in the resistance area below the two EMAs, an indication of downward momentum in the price of the Yen.

The stochastic oscillator signal pointing up at around level 52% in the overbought region indicates the momentum in the price of USDJPY may likely encounter a trend reversal in the nearby days and in this case an uptrend in the medium-term.

USDJPY Medium-term Trend: BullishThe pair is in an uptrend market in its medium-term outlook. . The sustained bullish pressure pushed the currency pair further up at $109.882 in the resistance area during yesterday’s session.

The bears return gradually with an initial drop to $109.864 in the support area as the 4-hourly chart opens today.

USDJPY is initially down at $109.830 in the support area with the price above the two EMAs which are joined together. This implies the bulls are gradually returning to the market.

The stochastic oscillator signal pointing up at around level 95% in the overbought region is an indication of upward momentum in the price of USDJPY.

This implies the bulls may continue to dictate market direction. Hence, buyers may take a position as desired.

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