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USDJPY Price Analysis – December 22

In case the bulls increase their momentum, price may reach $115 level which may be penetrated and extend the price to $116 and $117. Failure to break up $115 by the bulls may decrease the price towards the support level of $114, $112 and $111.

USDJPY Market

Key levels:

Resistance levels: $115, $116, $117

Support levels: $114, $112, $111

USDJPY Long-term Trend: Bullish

USDJPY is bullish on the daily chart. The price action on the daily chart has formed a double bottom chart pattern; this is a bullish trend signal. The first touch was carried out on November 09 and pulled back to test the resistance level of $115. Sellers pushed down the price to retest the support level of $112 second time. The price has broken up $114 level targeting $115 level.

The price is trading above the 9 periods EMA and 21 periods EMA which indicate a bullish trend. In case the bulls increase their momentum, price may reach $115 level which may be penetrated and extend the price to $116 and $117. Failure to break up $115 by the bulls may decrease the price towards the support level of $114, $112 and $111.

USDJPY Medium-term Trend: Bullish

USDJPY is on the bullish movement in the 4-hour chart. The support level of $112 holds and the price rebounded, the currency pair bounces off the support level of $112, and the price is steadily increasing towards the resistance level of $114. The price breaks up $114 and it is increasing towards $115. Today, the bulls are dominating the USDJPY market and the price is increasing accordingly.

The price is trading above the 9 periods EMA and 21 periods EMA and the two are separated from each other. The Relative Strength Index period 14 is above 60 levels with the signal displaying a bullish direction.