USDJPY Price Retests $113 Support Level, Bullish Reversal Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDJPY Price Analysis – January 26
Should the bears increase their pressure, the price may penetrate the support level of $113, below just mentioned level are $112 and $111 support levels. Resistance level above the current price can be found at $114, $115 and $116.
USDJPY Market
Key levels:
Resistance levels: $114, 115, $116
Support levels: $113, $112, $111
USDJPY Long-term Trend: Bearish
USDJPY is bearish on the daily chart. Bears interrupted the bullish movement at the resistance level of $116 on January 05. Bears’ pressure increases with the formation of strong bearish candles. The currency pair declines by broken down the former support levels of $115 and $114. It extends further to $113 level. At the moment, the price is trying to penetrate the support level of $113.
The fast period EMA has crossed the slow period EMA downside to establish a downtrend, meanwhile, the price is trading below 9 periods EMA and 21 periods EMA as an indication of bearish trend. Should the bears increase their pressure, the price may penetrate the support level of $113, below just mentioned level are $112 and $111 support levels. Resistance level above the current price can be found at $114, $115 and $116. The Relative Strength Index period 14 is above 40 levels with the signal line pointing up to indicate buy signal
USDJPY Medium-term Trend: Bearish
USDJPY is on the bearish movement on the 4-hour chart. The sellers’ momentum has pushed the price to retest the support level of $113 after broke down the $114 support level. This is the second time the price is testing the mentioned level. The price may bounce and increase towards $115 resistance level.
The price is trying to cross the 9 periods EMA and the 21 periods EMA upside, the Relative Strength Index period 14 is at 50 levels with the signal line displaying a bullish signal.
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