USDJPY Price Analysis – May 15
The price is currently at the demand level of $110, in case of the Bears breakout at $110 (lower trend line), $107 level may be its target. Should the Bulls defend the $110 level, the price may bounce and target $112 level again.
Supply levels: $110, $112, $114, $117
Demand levels: $107, $104, $100
USDJPY Long-term trend: Bearish
USDJPY is bearish on the long-term outlook. The currency pair was ranging in the rectangular channel formed last week; USDJPY was range-bound within the supply levels of $112 and the demand level of $110. The Bears defended the supply level of $112 and the USDJPY price fell towards $110 demand level. The level could not hold and the price penetrated the level, declining towards $107 demand level.
The two EMAs are separated and the 21 periods EMA has crossed the 50 periods EMA downside. USDJPY price is trading below the 21 periods EMA and 50 periods EMA as a bearish trend sign. The Stochastic Oscillator period 14 is below25 levels and the signal lines bending up to indicate buy signal which may be a pullback. The price is currently facing $107 levels, should the Bears maintain their pressure or increase their momentum, USDJPY price may decline to $107 level.
USDJPY Medium-term Trend: Bearish
On the 4-hour chart, USDJPY is bearish. The bullish momentum pushed the currency pair to a high of $112 level Last week. The Bear rejected the increase in price. The Bears took over and pushed the price down to break $110 levels.
The price is trading below the two EMAs and the Stochastic Oscillator period 14 is at 50 levels with the signal lines bending down to connotes sell signal. Further decrease in price is highly envisaged.
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