Bulls Are Prevailing Over Bears, Heading Towards $116 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDJPY Price Analysis – March 09
Should the bulls, increase their pressure, the resistance level of $116 may be broken upside and the price increase to $117 and $118 levels. An interruption of the bulls at $116 level may decrease USDJPY below the support level of $115 and if the daily candle close below it, it will decrease the price to $114 and $113 support level.
USDJPY Market
Key levels:
Resistance levels: $116, $117, $118
Support levels: 115, $114, $113
USDJPY Long-term Trend: Bullish
USDJPY is on the bullish movement. The currency pair was on the ranging movement last week. It made bulls and the bears warring against each other on daily chart. The bulls have been trying to break up the resistance level of $115 and this was made possible on March 08. The daily bullish candle closed above the mentioned level. The price is currently heading towards the resistance level of $116.
USDJPY is trading above the 9 periods EMA and 21 periods EMA as a sign of an increase in bulls’ momentum. Should the bulls, increase their pressure, the resistance level of $116 may be broken upside and the price increase to $117 and $118 levels. An interruption of the bulls at $116 level may decrease USDJPY below the support level of $115 and if the daily candle close below it, it will decrease the price to $114 and $113 support level.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement on the 4-hour chart. The bulls opposed the price declination at $114 level and the coin increases to $115 level. The former resistance level of $115 is already broken upside and the price is facing the resistance level of $116 at the moment. Bulls are dominating USDJPY market.
The price is trading above the 9 periods EMA and the 21 periods EMA, the Relative Strength Index period 14 is at 63 levels with the signal line displaying bullish price direction.
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