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USDJPY Price May Breakout at the Lower Trend Line of the Ascending Channel

Azeez M. Mustapha by Azeez M. Mustapha
November 20, 2019
in Analysis, FX Industry, Review
Reading Time: 3min read
Rate this post

USDJPY Price Analysis – November 20

In case the lower trend line of the wedge is broken downside, the price may find support at the $107 price level. Should the Bulls interrupt the Bears at the current price level, the pair may reverse towards the upper trend line of the channel.

USDJPY Market

Key levels:

Supply levels: $108, $109, $111
Demand levels: $107, $106, $105

 

USDJPY Long-term Trend: Bearish

On the long-term outlook, USDJPY is bearish. The bullish breakout that occurred on November 05 at the supply level of $108 could not push up the currency pair to the supply level of $109 before the Bears interrupted the Bulls. On November 08, an evening star candle pattern formed; this triggered the bearish momentum and the price was returned below $108 price level. The price action has formed a chart pattern called ascending wedge.

The currency pair has penetrated the 21 periods EMA targeting the dynamic support level of 50 periods EMA; the price is currently trading in-between the two EMAs as a sign of an increase in the bears’ momentum. In case the lower trend line of the wedge is broken downside, the price may find support at the $107 price level. Should the Bulls interrupt the Bears at the current price level, the pair may reverse towards the upper trend line of the channel. However, the stochastic oscillator period 14 is at 50 levels with the signal lines pointing down to indicate the sell signal.

USDJPY Medium-term Trend: Bearish

USDJPY is on the bearish movement on the 4-hour chart. The Price action on the 4-hour chart formed an ascending channel chart pattern. The price has been trading within the channel t0uching both upper and lower trend lines. There was a fake breakout on November 18, the Bears interrupted with the formation of the bearish engulfing candle, the price decreases below the two EMAs.

USDJPY price is trading below the 21 periods EMAs and 50 periods EMA. The Stochastic Oscillator period 14 is at 30 levels with the signal lines bending up to indicate a buy signal.

Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Tags: MarketingTechnical AnalysisUSDJPY

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