USDJPY Price Analysis – December 04
The price may find support at $107 price level in case there is a bearish breakout at the lower trend line. The same way, USDJPY may target the supply level of $109 provided there is a breakout at 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: Bullish
USDJPY is bullish on the long-term outlook. The currency pair is bullish on the daily chart for more than two weeks. The price action has formed an ascending channel and the price is ranging within the channel, the Bulls are pushing the price to touch the upper trend line of the channel and the price bounces off. Likewise, the Bears push the price to touch the lower trend line. Ranging of the price continues within the ascending channel until there is a bearish breakout at a lower trend line or bullish breakout at the upper trend line.
USDJPY continues trading above the 21 periods EMA and 50 periods EMA with the two EMAs maintaining the distance to each other which indicates that the Bulls are still in control of the USDJPY market. The price may find support at $107 price level in case there is a bearish breakout at the lower trend line. The same way, USDJPY may target the supply level of $109 provided there is a breakout at the upper trend line of the channel.
The stochastic oscillator period 14 is at 50 levels with the signal lines pointing down to indicate the sell signal.
USDJPY Medium-term Trend: Bullish
USDJPY is bullish on the 4-hour chart. The Bulls and the Bears are exercising their authority over the currency pair simultaneously and this led to the formation of an ascending channel on a 4-hour chart.
Traders may look for an opportunity to place a buy setup when the price reaches the lower trend line of the channel and take profit at the upper trend line of the channel. They can place sell set up at the upper trend line and take profit at the lower trend line until there is a breakout.
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