USDJPY Price May Test $114 Level Before Bearish Movement Commence – Cryptovibes.com – Daily Cryptocurrency and FX News https://ift.tt/3J8dMvl

USDJPY Price Analysis – December 22

In case the bears defend the resistance level of $114, price may reverse and continue its bearish movement towards south and the support levels of $112, $111 and $110 may be its target. As the bulls increasing their pressure, price may increase further to the resistance level of $114 which may extend to $115 and $116.

USDJPY Market

Key levels:

Resistance levels: $114, $115, $116

Support levels: $112, $111, $110

USDJPY Long-term Trend: Bullish

USDJPY is bullish on the daily chart. The bullish engulfing candle that emerged on December 06 triggered a bullish trend from the support level of $112. The bulls took over the USDJPY market and their pressure steadily increasing the price. It is currently targeting the resistance level of $114. With the look of things on the daily chart, the price may reach the $114 level and commence a bearish movement. Then, a head and shoulder chart pattern must have formed.

The price is trading above the 21 periods EMA but above 9 periods EMA which indicate a bullish movement. In case the bears defend the resistance level of $114, price may reverse and continue its bearish movement towards south and the support levels of $112, $111 and $110 may be its target. As the bulls increasing their pressure, price may increase further to the resistance level of $114 which may extend to $115 and $116.

USDJPY Medium-term Trend: Bullish

USDJPY is on the bullish movement in the 4-hour chart. After the rebounding of the currency pair from the support level of $112, the price is steadily increasing towards the resistance level of $114. The price pulled back yesterday. Today, the bulls are dominating the USDJPY market and the price is increasing accordingly.

The price is trading above the 9 periods EMA and 21 periods EMA and the two are separated from each other. The Relative Strength Index period 14 is at 70 levels with the signal displaying a bullish direction.