Previous High at $116 May Be Reached Provided $115 Does Not Hold – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDJPY Price Analysis – February 09
Should bulls increase their pressure and the daily candle close above $115 level, the price may reach the resistance level of $116, above just mentioned level are $117 resistance level. 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. Last two week, the currency pair was under the control of the bears. The sellers pushed down the price until it found support at $114. 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 may break up the level and the price may rally to the previous high at $116 resistance level.
The fast period EMA remains above the slow period EMA as an indication of an uptrend, meanwhile, the price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish trend. Should bulls increase their pressure and the daily candle close above $115 level, the price may reach the resistance level of $116, above just mentioned level are $117 resistance level. Support level can be found below the current price at $114, $113 and $112. The Relative Strength Index period 14 is below 60 levels with the signal line pointing down to indicate sell signal.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement on the 4-hour chart. Last two weeks, the price was rejected at the resistance level of $115. The bears took over the market and the price decreased to the low of 4. The just mentioned level holds and price bounced. Last week, the buyers tried to push up the price to retest the high of $115. At the moment, it is trying to break up the just mentioned level.
The price is trading above the 9 periods EMA and the 21 periods EMA. The Relative Strength Index period 14 is at 60 levels with the signal line displaying a bearish signal which may be a pullback.
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