USD/JPY Technical Analysis This Week: Still Bullish!

usdjpy

USD/JPY offers exciting opportunities this week, with price movements indicating consolidation across multiple timeframes. In this article, we will analyze the H4, Daily, and Weekly charts to understand trends, support-resistance levels, and potential future movements. Let’s dive in!

USD/JPY H4 Analysis

On the H4 timeframe, USD/JPY is showing signs of consolidation within a tight price range.

Trend

  • Status: Sideways
    The price is moving within the 154.000-155.000 range, lacking strong bullish or bearish momentum.

usdjpy h4

Support and Resistance

  • Key resistance: 155.200
  • Key support: 153.800
    The price is bouncing between these levels, reflecting a consolidation zone.

Technical Indicators

  • SMA (Simple Moving Average):
    The SMA-14 and SMA-50 are relatively flat, signaling weak momentum. The SMA-50 is currently above the price, indicating short-term bearish pressure.
  • Stochastic RSI:
    The Stochastic RSI is near the oversold region (33.58 and 29.91), suggesting a potential short-term rebound.
 Read more: GBP/USD Technical Analysis This Week: Bearish Continues!

USD/JPY Daily Analysis

On the Daily chart, USD/JPY is in a pullback phase following a prior bullish trend.

Trend

  • Status: Slowing uptrend
    The price remains above the SMA-50 but is showing signs of weakening momentum.

usdjpy daily

Support and Resistance

  • Key resistance: 155.500
  • Key support: 152.500
    The 152.500 support level is critical for maintaining the long-term uptrend.

Technical Indicators

  • SMA (Simple Moving Average):
    The SMA-50 and SMA-100 continue to support the bullish trend, but the gap between them is narrowing.
  • Stochastic RSI:
    The indicator shows oversold levels (5.95 and 17.33), indicating a potential upward reversal if the price holds above support.
Read more: Technical Analysis of EUR/USD This Week: Bearish Potential!

USD/JPY Weekly Analysis

On the Weekly timeframe, USD/JPY maintains a long-term bullish trend, despite minor corrections.

Trend

  • Status: Bullish
    The corrections remain healthy as the price stays above the SMA-50 and SMA-100.

usdjpy weekly

Support and Resistance

  • Key resistance: 160.000
  • Key support: 150.000
    The 150.000 support level is a crucial threshold for the continuation of the bullish trend.

Technical Indicators

  • SMA (Simple Moving Average):
    The SMA-14 and SMA-50 indicate a stable upward trend.
  • Stochastic RSI:
    The indicator is in the overbought region (98.43 and 98.80), signaling a potential correction if the price fails to break above resistance.
Read more: Risk Management in Forex Trading

Predictions

Based on the analysis:

  • Short-term (H4): The price is likely to move sideways between 153.800-155.200, with breakout potential if strong momentum appears.
  • Medium-term (Daily): A pullback to the 152.500 support level is possible before resuming the bullish trend.
  • Long-term (Weekly): The bullish trend remains dominant, but a correction toward 150.000 may occur under significant selling pressure.

Trading Suggestions

  • Entry point: Buy near the 152.500 support level or on a breakout above 155.500.
  • Take profit (TP): 156.500 for the short term and 160.000 for the long term.
  • Stop loss (SL): 151.500 to protect against moves below the key support level.

Reasoning:
The 152.500 support level is a strategic area based on the Daily analysis. Additionally, the Stochastic RSI in the oversold region suggests a potential price reversal.

Read: How to identify support and resistance

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