Resistance Level of $115 Holds, Price Declining Towards $114 – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDJPY Price Analysis – February 16
When the bulls increase their pressure, the daily candle may close above $115 level, the resistance level of $116 and $117 may be tested. Support level can be found below the current price at $114, $113 and $112.
USDJPY Market
Key levels:
Resistance levels: 115, $116, $117
Support levels: $114, $113, $112
USDJPY Long-term Trend: Bullish
USDJPY is bullish on the daily chart. The currency pair was under the control of the bulls last week. The buyers pushed up the price until it found tests the resistance level of $115. The bullish trend commenced from the support level of $1114 on January 25 when a bullish engulfing candle emerged at the support level of $114. AUDUSD increases in price to $115 which is the second time of testing the mentioned level. Pressure from the bulls could not break up the level and the price is decreasing at the moment.
The fast period EMA remains above the slow period EMA as an indication of an uptrend, meanwhile, the price is trading at the close contact to the 9 periods EMA and 21 periods EMA as an indication of weak bullish trend. When the bulls increase their pressure, the daily candle may close above $115 level, the resistance level of $116 and $117 may be tested. Support level can be found below the current price at $114, $113 and $112. The Relative Strength Index period 14 is bending down at 55 levels to indicate sell signal.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement on the 4-hour chart. The resistance level of $115 has been the peak where the currency pair is reached and decline for more than two weeks. The mentioned level has been tested three times. At the moment, the price is repelling from the resistance level of $115. Likewise, the support level of $114 holds and the price is bouncing up from the level.
The price is trading below the 9 periods EMA and the 21 periods EMA. The Relative Strength Index period 14 is below 50 levels with the signal line displaying a bearish signal.
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