USDJPY Price Analysis – November 27
The Bulls may push up the price to reach the supply level of $109 and may equally break it up, a rally towards the supply level of $111. In case the supply level of $109 holds, the price may start to consolidate or decrease to retest the $108 price level.
Supply levels: $109, $111, $112
Demand levels: $108, $107, $106
USDJPY Long-term Trend: Bullish
On the long-term outlook, USDJPY is bullish. A week before the last, the currency pair was bearish heading towards the support level of $107. The downward movement was prevented at the dynamic support level of 21 periods EMA and the Bulls took over the market. The price was pushed up. The resistance level of $108 could not withstand the pressure but rather broke the level upside. The bullish breakout extended towards the resistance level of $109. Today a strong bullish candle emerged which connotes that the Bulls were in control of the market.
EURUSD penetrated the two EMAs upside and started trading above the 21 periods EMA and 50 periods EMA with the two EMAs well separated from each other as a symbol of a strong bullish trend. The Bulls may push up the price to reach the supply level of $109 and may equally break it up, a rally towards the supply level of $111. In case the supply level of $109 holds, the price may start to consolidate or decrease to retest the $108 price level. However, 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 bullish on the 4-hour chart. Last two weeks the Price closed below the $108 price level and it was consolidating. The Bulls increased their pressure and penetrated the former supply level of $108 upside and it rallied towards the $109 price level.
USDJPY price is trading above the 21 periods EMAs and 50 periods EMA. The Stochastic Oscillator period 14 is above 80 levels with the signal lines bending up to indicate a buy signal.
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