USDJPY Price Analysis – November 06
After the price retracement, a further increase in the Bulls’ momentum will push the price to reach the supply level of $109. In case the bullish momentum becomes weak and the demand level of $108 holds, then, consolidation may commence.
Supply levels: $109, $11, $112
Demand levels: $108, $107, $106
USDJPY Long-term Trend: Bullish
USDJPY is bullish in the long-term outlook. Following the bullish momentum that pushed up the USDJPY price to reach the supply level of $108 was the consolidation of the price at the mentioned level. The Bears initially pushed down the price towards the demand level of $107 before it was interrupted by the Bulls at the dynamic support level. The Bulls increased their momentum and it was pushed up to break up the supply level of $108 on 05 November and this exposed the $109 price level. Today, the daily bearish candle emerged and the price was declined to retest the broken level of $108.
The price is trading above the 21 periods EMA and 50 periods EMA in which the two EMAs are at a distance to the price which indicates an increase in the bullish momentum. After the price retracement, a further increase in the Bulls’ momentum will push the price to reach the supply level of $109. In case the bullish momentum becomes weak and the demand level of $108 holds, then, consolidation may commence. The stochastic oscillator period 14 is at 60 levels with the signal lines pointing up to indicate the buy signal.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement on the 4-hour chart. The price broke out of the ranging mode it was last two weeks and the price declined towards the demand level of $107. The bears’ momentum was exhausted and the $107 price level could not be reached. The Bulls took over the market and the price increased to break up the $108 price level.
USDJPY price is trading above the two EMAs. The Stochastic Oscillator period 14 is at 70 levels with the signal lines pointing down to indicate a sell signal.
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