USDJPY Price Analysis – September 11
In case the Bulls can maintain their momentum or increase it, the target of the price may be the supply level of $109. Should the Bears interrupt the bullish movement at$108 level, it may consolidate for short period before continue the normal trend
Supply levels: $108, $109, $110
Demand levels: $107, $106, $105
USDJPY Long-term Trend: Bullish
USDJPY is on the bullish trend in the long-term outlook. USDJPY price broke out of the consolidation mode with the aid of the Bulls’ pressure. The sideways movement led to the formation of “W” pattern which is a bullish reversal pattern. The price broke up the former supply level of $106 and the bullish momentum extended to the $107 level. The just mentioned level could not hold the price, the barrier at the level was penetrated and the price is heading towards $108 price level.
The 21 periods EMA and 50 periods EMA has been penetrated up side and the pair is trading above the two EMAs as a sign of bullish trend in the USDJPY market. In case the Bulls can maintain their momentum or increase it, the target of the price may be the supply level of $109. Should the Bears interrupt the bullish movement at$108 level, it may consolidate for short period before continue the normal trend. Meanwhile, the stochastic oscillator period 14 is above 80 levels with the signal lines pointing up to indicate a buy signal and further increase in price.
USDJPY Medium-term Trend: Bullish
On the 4-hour chart, USDJPY is bullish. The price formed a “W” pattern on the medium term and this led to the escalation of the price. The price levels of $106 and $107 was penetrated up side and this exposes the supply level of $108.
The price is above the 21 period EMA and the 50 periods EMA with the two EMAs following the direction of the price action, the Stochastic Oscillator period 14 is above the 80 levels which connotes buy signal.
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