USDJPY Price Analysis – April 24
The currency pair is consolidating at $112 level, started on April 15 till today. The breakout of the pair at the supply level of $112 will open up the pair to $114 price level. In case the Bears defend the level, the price may roll down to the $110 demand level.
Supply levels: $112, $114, $117
Demand levels: $110, $107, $104
USDJPY Long-term trend: Bullish
On the long-term outlook, USDJPY continues its bullish movement. The bullish momentum pushed the USDJPY price up to the supply level of $112. The Bulls momentum became weak and could not break the barrier at the $112 level. The Bears lost the pressure as well and could not push down the price. This scenario leads to the consolidation of the USDJPY price at the mentioned level. The consolidation started on April 15 till today.
The currency pair is still above the 21 periods EMA and 50 periods EMA and the gap between the two EMAs remains the same which indicates that the currency pair still maintains its bullish momentum but not increase up to the level required to break the carrier at $112 level. The Stochastic Oscillator period 14 is above the 75 levels bending up to indicate a buy signal. The breakout of the pair at the supply level of $112 will open up the pair to $114 price level. In case the Bears defend the level, the price may roll down to the $110 demand level.
USDJPY Medium-term Trend: Bullish
On the 4-hour chart, USDJPY is on the Bullish trend. The Bulls hold tight to the USDJPY market. The currency pair is currently consolidating at the $112 level. The Bulls are making attempt to break up the level and face $114 price level.
The Stochastic Oscillator is at 60 and the signal lines pointing to the north to indicate a buy signal.
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