Market Overview
The price can continue it’s bullish momentum because last week’s weaker Non Farming Payroll data for us can support the price to continue it’s bullish momentum. If price closes above 158.056 on h1 then the price will establish new support at 157.590. Until that 157.536 will remain h1 support .
Weekly Chart
Key Weekly Levels
Major Support
At M15
157.507 – 157.503
Already Tapped Support area
Probable Support Area
At H1
157.507 – 157.503
Already Tapped Support area
Probable Support Area
At H4
157.483 – 157.385
Already Tapped Support area
Higher Timeframe Support Base
At 1D
150.422 – 149.392
Higher timeframe Support Zone
Anticipated Demand Reaction Area
Major Resistance
There is no major resistance in any timeframe but if the price closes below 157.503 on h1 then 157.844 could act as the next resistance on h1 until that no resistance established by the price in higher time frame
These levels may act as decision zones during the week
Market Structure Outlook
The structure is bearish in all the time frame and the last week’s weaker non farming payroll data for US can support the bullish momentum in higher timeframe until the price holds the support at 157.503 in h1 bullish momentum intact.
Weekly Trading Scenario
The buyers are controlling the higher time frame bias while defending the support at 157.503. If price closes below 157.503 h1 then 157.844 could act as the next resistance in higher time frame. If price closes 158.097 in h4 then the price will establish new support at 156.765 in h4 which could strengthen the bullish continuation. On the other hand if price closes above 159.482 on 1d then the price would establish dual change of character in 1d, establishing support at 157.893
Bullish Scenario
If price holds the h1 support at 157.503, then price can can continue for the upside
Bearish Scenario
On the other hand if the price closes below 157.503 in h1, then price can initiate the downside momentum
Key Takeways
Higher timeframe bias: Bullish
Major resistance: No major resistance formed by the price in higher timeframe
Major support: 150.425
This USDJPY weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Always wait for the confirmation’s before entering the trade and manage the risk properly.
Disclaimer
Although this analysis is for educational and informational purposes only. Therefore it does not constitute financial advice. However always manage your risk and trade responsibly.