USDJPY Price Is Pulling Back Before Bearish Movement Continues – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDJPY Price Analysis – February 24
When the bears increase their pressure, the price may reduce to $113 level, in case the daily candle close below $113 level, the support level of $112 and $111 may be tested. Resistance levels can be found above the current price at $115, $116 and $117.
USDJPY Market
Key levels:
Resistance levels: 115, $116, $117
Support levels: $113, $112, $111
USDJPY Long-term Trend: Bearish
USDJPY is bearish on the daily chart. The currency pair was increasing last two weeks. The price increase to the resistance level of $116 level. The buyers pushed up the price until it found resistance at $116 level. The bullish momentum could not break up the just mentioned level. Bearish engulfing candle formed at the same level on February 11. USDJPY decreases in price and $115 level was broken downside and the price targeting the support level of $113.
The fast period EMA is crossing the slow period EMA as an indication of downtrend, meanwhile, the price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish trend. When the bears increase their pressure, the price may reduce to $113 level, in case the daily candle close below $113 level, the support level of $112 and $111 may be tested. Resistance levels can be found above the current price at $115, $116 and $117. The Relative Strength Index period 14 is bending down at 48 levels to indicate sell signal.
USDJPY Medium-term Trend: Bearish
USDJPY is on the bearish movement on the 4-hour chart. The currency pair is under the control of strong bearish force. The resistance level of $116 could not be broken upside. The sellers took over the market at the same level. Bears’ pressure increases and the $115 support level was penetrated downside. The price tested $114 level and it is pulling back.
The price is trading above the 9 periods EMA and the 21 periods EMA level to indicate the price pullback. The Relative Strength Index period 14 is at 59 levels with the signal line displaying a bullish signal.
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