USDJPY Price Analysis – January 15
The pair is currently targeting the supply level of $111, in which the target may be reached provided the Bulls continue to increase its momentum. The Bears may come in and take over the market when the Bears lose their momentum.
Supply levels:, $111, $112, $113
Demand levels: $109, $108, $107
USDJPY Long-term Trend: Bullish
USDJPY is bullish on the long-term outlook. The Bulls have been in control of the USDJPY market since January 06 when the support level of $107 holds the price and the Bears’ momentum became weak. The Bulls took over the market with the formation of strong bullish candles that penetrated the $108 price level. Last week, the bullish momentum extends to the supply level of $109 and broke up the level.
The price is moving farther away from the two EMAs and the price is trading above the 21 periods EMA and 50 periods EMA which connotes that the Bulls’ momentum is increasing towards the supply level of $111. Nevertheless, price retracement is inevitable. The pair is currently targeting the supply level of $111, in which the target may be reached provided the Bulls continue to increase its momentum. The Bears may come in and take over the market when the Bears lose their momentum. The relative strength Index period 40 is at 60 levels with the signal lines pointing down to indicate a strong sell signal.
USDJPY Medium-term Trend: Bullish
USDJPY is bullish on the 4-hour chart. After the breakout at the former supply level of $108, there was a further increase in the Bulls’ pressure that led to an increase in price towards the supply level of $109. The just mentioned price level was broke up and currently consolidating at the level.
The 21 periods EMAs have crossed the 50 periods EMA upside, while the price is trading above the two EMAs. The RSI is at 60 levels with the signal line pointing down which indicates sell 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.