USDJPY Price Analysis – June 13
The Bearish momentum is getting weak and the Bulls are gradually taking over the market. Increase in the Bulls momentum may break up $108 level and reach $109. In case the Bears defend the $108 level, the price may range back to $107 level.
Supply levels: $108, $109, $110
Demand levels: $107, $106, $105
USDJPY Long-term trend: Bearish
USDJPY bearish momentum is getting weak on the long-term outlook. USDJPY price was under a strong bearish control last week. The bearish momentum placed the pair at the low of $107 demand level on June 03. The Bearish momentum is getting weak and the Bulls are gradually taking over the market. The USDJPY price is sluggishly moving towards $108 level.
The currency pair is moving closer to the 21 periods EMA and the 50 periods EMA which indicates that the pressure of the Bulls is increasing. The Moving Average convergence divergence period 12 with the histogram is gradually moving above the zero levels and the signal line is about to cross the MACD line.
Increase in the Bulls momentum may break up $108 level and reach $109. In case the Bears defend the $108 level, the price may range back to $107 level.
USDJPY Medium-term Trend: Ranging
USDJPY is ranging, on the 4-hour chart. USDJPY price is moving sideways on the 4-hour chart. When the pair reached the demand level of $107, the Bears lose their momentum and the Bulls have not gained enough momentum to push up the price. The price began to move sideways within the range of $108 and $107 levels.
The histogram of MACD period 12 is flat on the zero levels with its signal lines, which indicates that consolidation may continue for a short period of time.
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