USDJPY Price Analysis – June 26
The USDJPY price may reverse at $106 demand level as the pin bar candle formed at the level, also, in case the Bulls increase their momentum and break up the $107 level. Should the Bears defend the $107 level, consolidation may continue.
Supply levels: $108, $109, $110
Demand levels: $107, $106, $105
USDJPY Long-term trend: Bearish
USDJPY is bearish in the long-term outlook. The currency pair was consolidating at the $108 supply level area. It started on June 06 and ended on June 18. The Bears put an end to the ranging movement with the formation of strong bearish candle that broke down the demand level of $107. The price sluggishly moved down towards $106 level and pulled back. USDJPY price is currently consolidating around $107 support area.
The distance between the two EMAs and USDJPY price is increasing while the pair is trading below the 21 periods EMA and the 50 periods EMA which indicates that the Bearish pressure is increasing. The Stochastic Oscillator period 14 is at 25 levels with the signal lines bending up to indicate a buy signal. The USDJPY price may reverse at $106 demand level as the pin bar candle formed at the level, also, in case the Bulls increase their momentum and break up the $107 level. Should the Bears defend the $107 level, consolidation may continue.
USDJPY Medium-term Trend: Bullish
USDJPY is bullish, on the 4-hour chart. USDJPY price was consolidating last week at the $108 level. The Bears exerted more pressure and the price broke out at the former demand level of $107. The price declined to $106 demand level. On June 25, the Bulls defended the $106 level and pushed the pair upside towards the $107 level.
Meanwhile, the Stochastic Oscillator period 14 is at 75 levels with the signal lines pointing up which indicates buy signal.
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