USDJPY Price Analysis – September 25
Should the Bulls maintain or increase their momentum, the supply level of $108 may be reached and breakup to expose the supply level of $109. In case the Bears defend the supply level of $108, the price may consolidate at the level.
Supply levels: $108, $109, $110
Demand levels: $107, $106, $105
USDJPY Long-term Trend: Bullish
USDJPY is bullish on the long-term outlook. The bullish momentum pushed up the currency pair last week to test the supply level of $108. Closed to the mark, the Bears opposed the bullish movement with the formation of the bearish engulfing candle on September 19. The price pulled back and penetrated the demand level of $107 downside and the price moved down towards the demand level of $106. Today, a big Bullish candle emerged which engulfed yesterday’s bearish candle and the USDJPY price was placed above the $107 price level.
The two EMAs are interlocked with the price trading above the 21 periods EMA and 50 periods EMA which indicate that the Bulls are taking over from the Bears. Should the Bulls maintain or increase their momentum, the supply level of $108 may be reached and breakup to expose the supply level of $109. In case the Bears defend the supply level of $108, the price may consolidate at the level. The stochastic oscillator period 14 is at 50 levels with the signal lines attempting to cross each other upside to establishing the bullish trend.
USDJPY Medium-term Trend: Bullish
USDJPY is bullish on the 4-hour chart. There was a sharp reversal of the price on the 4-hour chart as the price was moving down, near the demand level of $106. The bulls dominate the USDJPY market today, the price was pushed up to break up the former supply level of $107 but now the demand level. The price may likely close above the just mentioned level.
The Stochastic Oscillator period 14 is at the 75 levels with the signal lines pointing up which indicate further increase in USDJPY price.
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