USDJPY Price May Bounce Off Resistance Level of $124 – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDJPY Price Analysis – April 06
Should the bears break down the support level of $123, the currency pair may experience a bearish reversal and the price may decline towards the support level of $123, $121 price level. When the bulls, increase their pressure, the resistance level of $124 may be broken upside and the price increase to $125 and $126 levels.
USDJPY Market
Key levels:
Resistance levels: $124, $125, $126
Support levels: $123, $121, 119
USDJPY Long-term Trend: Bullish
USDJPY is on the bullish movement. The currency pair was on the bearish movement last week. When the bulls pushed the pair to test the resistance level of $125. The bears defended the just mentioned level with the formation of an inside bar candle pattern. The support level of $121 was reached, the bulls reacted against the bearish movement. USDJPY price is increasing to retest the resistance level of $124. Bearish reversal is possible at $124 price level.
USDJPY is trading above the 9 periods EMA and 21 periods EMA at close contact as a sign of decrease in bulls’ momentum. Should the bears break down the support level of $123, the currency pair may experience a bearish reversal and the price may decline towards the support level of $123, $121 price level. When the bulls, increase their pressure, the resistance level of $124 may be broken upside and the price increase to $125 and $126 levels.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement on the 4-hour chart. The bullish pressure failed when the price reached the resistance level of $125 and the price pulled back to retest the support level of $121. The bulls gained more pressure and the price increases to retest the $124. At the moment, the price is consolidating around the $124 levels.
The price is trading above the 9 periods EMA and the 21 periods EMA at close contact. The Relative Strength Index period 14 is at 67 levels with the signal line displaying bearish price direction.
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