USDJPY Price Is Targeting Resistance Level of $123 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Annual Forecast for USDJPY (2022)
In case the bulls maintain its bullish pressure, price may continue increasing towards the resistance level of $123, above the mentioned level are $134, $144 resistance levels. In case the bears oppose the bulls at the current resistance level, the price may reverse and decline towards the support levels at $102, $89 and $76.
USDJPY Market
Key levels:
Resistance levels: $123, $134, $144
Support levels: $102, $89, $76
USDJPY Long-term Trend: Bullish
On the monthly chart, USDJPY is bullish. The currency pair was under the control of the bulls throughout last year. The bullish movement commenced on the first month of last year; the support level of $102 was tested and the bears’ pressure failed at the same level. Bullish engulfing candle emerged at the same level on the monthly chart and the price increased to break up the resistance level of $114. The price closed above the just mentioned level last year. There is tendency for the price to continue on the bullish trend.
The price is trading above the 9 periods EMA and 21 periods EMA which indicate a bullish trend. In case the bulls maintain its bullish pressure, price may continue increasing towards the resistance level of $123, above the mentioned level are $134, $144 resistance levels. In case the bears oppose the bulls at the current resistance level, the price may reverse and decline towards the support levels at $102, $89 and $76. The relative strength index period 14 at 60 level pointing up to indicate buy signal.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement in the weekly chart. The currency pair reduced to the low of $102 last years. It bounced up from the level and increase to $114. The high of the pair last year is $114 zone. The bulls tried and broke up the mentioned level before the end of the year. At the moment, on the weekly chart, the price is trading above the just mentioned level and it is heading towards $123 level.
The price is trading above the 9 periods EMA and 21 periods EMA with the two separated from each other which indicate further increase in price. The Relative Strength Index period 14 is at 70 levels with the signal line displaying a bullish direction.
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