USDJPY Price Analysis – July 10
The price is currently above $108 level but facing the dynamic resistance of 50 periods EMA. In case the Bulls were able to push the price to break dynamic resistance at 50 periods EMA, USDJPY may reach $109 level, otherwise, there would be a pullback.
Supply levels: $109, $110, $111, $112
Demand levels: $108, $107, $106, $105
USDJPY Long-term trend: Bullish
USDJPY is bullish on the long-term outlook. A strong pin bar formed at the demand level of $106 triggered the bullish reversal. The Bulls gained momentum and broke up the former supply level of $107. The bullish momentum extended towards $108 level. On July 02, there was a pullback by the Bears to retest the broken level of $107; which is a normal phenomenon in a trending market. On July 05, the Bulls regain pressure and pushed up the pair to penetrate the barrier at $108 level. The price is currently above $108 level but facing the dynamic resistance of 50 periods EMA.
In case the Bulls were able to push the price to break dynamic resistance at 50 periods EMA, USDJPY may reach $109 level, otherwise, there would be a pullback. The USDJPY price is trading above the 21 periods EMA but currently at 50 periods EMA which indicates that the Bulls are taking over the market gradually. The Stochastic Oscillator period 14 is above 80 levels with the signal lines pointing to the north which indicate a buy signal.
USDJPY Medium-term Trend: Bullish
USDJPY is bullish, on the 4-hour chart. On July 02, USDJPY price found support at $107 demand level. The Bulls opposed the further reduction in the price of USDJPY. The price reversed and increased towards $108 former supply level broke up the level and increase towards the $109 price level.
The Stochastic Oscillator period 14 is above 25 levels with the signal lines pointing up to indicate buy signaling.
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