USDJPY Price Analysis – November 14
Further decrease in price is highly anticipated in which the price may reach the demand level of $107 and penetrate it. Should the just mentioned level holds, the price may consolidate or bounce toward the north side.
Supply levels: $108, $109, $111
Demand levels: $107, $106, $105
USDJPY Long-term Trend: Bearish
USDJPY is bearish in the long-term outlook. After the breakout that happened on 05 November, the price increased towards the supply level of $109 with the formation of strong bullish candles. On November 08, the Bears interrupted the upward movement with the formation of a short hammer candle. Following the bearish candle reversal pattern is the formation of more bearish candles and the price started decreasing, broke down the former demand level of $108. The price is currently heading towards the demand level of $107.
USDJPY has broken down the 21 periods EMA targeting the dynamic support level of 50 periods EMA; that is the price is currently trading in-between the two EMAs as a sign of an increase in the bears’ momentum. Further decrease in price is highly anticipated in which the price may reach the demand level of $107 and penetrate it. Should the just mentioned level holds, the price may consolidate or bounce toward the north side. Meanwhile the stochastic oscillator period 14 is at 60 levels with the signal lines pointing down to indicate strong sell signal.
USDJPY Medium-term Trend: Bearish
USDJPY is on the bearish movement on the 4-hour chart. The bulls’ momentum became weak shortly after it penetrated the $108 price level and were unable to push the price to reach the supply level of $109. The Bears took over the market by increased their momentum which returned the price below the $108 level.
USDJPY price is currently trading below the two EMAs. The Stochastic Oscillator period 14 is below 20 levels with the signal lines bending up to indicate a buy signal.
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