https://ift.tt/sBkjJdg Price Reaches a Potential Bearish Reversal Level at $121 – Cryptovibes.com – Daily Cryptocurrency and FX News

USDJPY Price Analysis – March 23

In case the bears defend the resistance level of $121, the currency pair may experience a bearish reversal and the price may decline towards the support level of $119, $117 and $116 price level.  When the bulls, increase their pressure, the resistance level of $121 may be broken upside and the price increase to $122 and $123 levels.

USDJPY Market

Key levels:

Resistance levels: $121, $122, $123

Support levels: 119, $117, $116

USDJPY Long-term Trend: Bullish

USDJPY is on the bullish movement. The bulls have successfully pushed the price to the high of $121 resistance level. The bulls are showing a sign of weakness as the daily bullish candle is changing to an inverted pin bar. An inverted pin bar on the daily chart indicate a bearish reversal candle pattern. Further price decrease envisaged.

USDJPY is trading above the 9 periods EMA and 21 periods EMA as a sign of an increase in bulls’ momentum. In case the bears defend the resistance level of $121, the currency pair may experience a bearish reversal and the price may decline towards the support level of $119, $117 and $116 price level.  When the bulls, increase their pressure, the resistance level of $121 may be broken upside and the price increase to $122 and $123 levels.

USDJPY Medium-term Trend: Bullish

USDJPY is on the bullish movement on the 4-hour chart. The bullish trend commenced when there was a bullish breakout at the former resistance level of $116. The buyers continuously exerting pressure and the currency pair is increasing accordingly. The former resistance level of $117 and $120 have turned to be a support levels. Today the bulls have pushed up the price to test the resistance level of $121. The price is currently pulling back.

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 73 levels with the signal line displaying bearish price direction.