Could It Be a Pullback or Bullish Reversal? – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDJPY Price Analysis – January 19
The confluence at support level of $115 has been broken down and this has exposes the price to $114 support level, further increase in bears’ pressure may lead to price decrease to $112 and $111 price level. The resistance levels above the current price can be found at $115, $116 and $117 price level.
USDJPY Market
Key levels:
Supply levels: $115, $116, $117
Demand levels: $114, $112, $111
USDJPY Long-term Trend: Bearish
On the long-term outlook, USDJPY is bearish. The bearish movement commences when the bulls pushed up the price to the resistance level of $116 on January 05. The bulls’ pressure failed and the price could not continue the trend. An evening star doji formed; this is a bearish reversal signal. Strong daily bearish candle was produced on January 06. The price decline towards the $114 price level. Today, bears dominate the market and the price is placed below the dynamic resistance level.
USDJPY has penetrate both the fast moving average (9 day EMA) and the slow moving average (21 day EMA) which connotes that bears are dominating the USDJPY market. The confluence at support level of $115 has been broken down and this has exposes the price to $114 support level, further increase in bears’ pressure may lead to price decrease to $112 and $111 price level. The resistance levels above the current price can be found at $115, $116 and $117 price level.
USDJPY Medium-term Trend: Bearish
USDJPY is bearish on the 4-hour chart. The bears continue to exert more pressure on the USDJPY market and the price is fallen; this scenario commences after testing the resistance level at $116 by the bulls but the bulls’ pressure could not break up the barrier at the mentioned level. The bears’ pressure has pushed the price below the former support level of $114.
The price is trading below the 9 periods EMA and the 21periods EMA, which indicates that the bears’ momentum is increasing. Meanwhile, the Relative Strength Index period 14 is at 50 levels with the signal line pointing up to indicate the buy signal which may be a pullback.
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