Could It Be a Bearish Reversal or Pullback – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDJPY Price Analysis – January 05
In case the bulls’ momentum fails, price may reverse and face the south and support levels can be found at $115, $114 and $112. An increase in the bulls’ momentum may break up $116 and target $117 and $118 levels.
USDJPY Market
Key levels:
Resistance levels: $116, $117, $118
Support levels: $115, $114, $112
USDJPY Long-term Trend: Bullish
On the daily chart, USDJPY is bullish. The price is following the chart pattern formed on the daily chart which is double bottom chart pattern; it is a bullish trend signal. The bullish momentum has pushed the price to break up the resistance levels of $114 and $115. The price tested resistance level at $116 yesterday and it is currently pulling back.
The price is trading above the 9 periods EMA and 21 periods EMA which indicate a bullish trend. In case the bulls’ momentum fails, price may reverse and face the south and support levels can be found at $115, $114 and $112. An increase in the bulls’ momentum may break up $116 and target $117 and $118 levels. The relative strength index period 14 at 70 level pointing down to indicate sell signal.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement in the 4-hour chart. The bullish pressure has pushed up the price to reach the resistance level of $116. The price pulls back as the bears defend the resistance level of $116. The currency pair bounces off the resistance level of $116, and the price is steadily decreasing towards the support level of $115. Today, the bears are dominating the USDJPY market and the price is decreasing accordingly.
The price is trading below the 9 periods EMA but above 21 periods EMA and the two are separated from each other. The Relative Strength Index period 14 is above 60 levels with the signal displaying a bearish direction.
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