The currency pair is slightly in a bullish market zone.
Buyers are having temporal control at the moment.
USDJPY Weekly Price Analysis – June 2
The USDJPY pair at the moment is facing an increase in selling pressure presenting a selling opportunity for traders. Should the bears regroup and push lower, a further bearish breakdown from the $139.312 low value will further drop the Yen price to the new bearish phase. The $91.35 lower support mark and beyond might be the target.
Resistance levels: $140.000, $150.000, $160.000
Support levels: $120.000, $110.000, $100.000
USDJPY Long-term Trend: Bullish (Daily Chart)
As we can see from the daily chart, the currency pair is in an upward move in its long-term outlook. The price bar can be seen trading above the two EMAs.
The bulls’ increased momentum in the past few days pushed the price of the USDJPY up to the $139.966 supply value which was above the two EMAs in the resistance area and sustained it. This has made it capable for the Yen to remain in an uptrend in recent times.
The bears caused a drop to the $139.312 support level above the moving averages as the daily chart opens today. This indicates an uptrend likewise the bears are beginning to step into the market gradually to stage a play.
Thus, it is very likely that the sell traders will continue the dump as we are seeing a bearish correction in place at present.
Similarly, the USDJPY price may likely continue its journey down south as indicated by the daily stochastic which is pointing in a downward direction. This means that the buying pressure has ended; we can therefore expect the upcoming bearish correction phase to reach a low at the $91.35 value in the days ahead in its higher time frame.
USDJPY Medium-term Trend: Bullish
The USDJPY pair is in a bullish market trend in its medium-term outlook. The price action of the coin at a $139.631 low level at the moment is currently seen slightly below the EMA-9 approaching the lower support area. This means that sellers are gradually coming in to change the race to a bearish run.
The sustained bullish pressure to the $140.109 resistance level in the past few hours has sustained the Yen price above the supply trend levels in its recent low.
The aggressive move by the bears dumped the USDJPY price to the $139.631 support value below the EMA-9 as the 4-hourly chart opens today. Thus, the bearish correction at the mentioned low value returns the sell traders to the market for the next bearish race.
Hence, we have a bearish bias that the price of USDJPY will drop further to the downside if the selling pressure should increase. Currently, the pair is making a correction, there may be a potential decrease in the USDJPY price and this may possibly hit the $91.35 lower support value in the coming days in its medium-term outlook.
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