USDJPY Price Analysis – February 19
The currency pair may carry out a retracement before it continues bullish movement towards the supply level of $112.1. Immediately after the $112.1 price level is the supply level of $112.8.
Supply levels: $112.1, $112.8, $113.7
Demand levels: $111, $109.7, $108.9
USDJPY Long-term Trend: Bullish
On the long-term outlook, USDJPY is bullish. USDJPY continues its bullish movement as it was predicted last week. The $109.7 price level was penetrated upside on 06 February, the price started consolidation at the same level for four trading days. Today, the Bulls gathered enough momentum to drive the pair towards the north side. A strong massive daily candle emerges that soared towards the formal supply level of $111. The just mentioned level could not hold the price; it was penetrated and expose to the supply level of $112.1.
USDJPY is trading above the 21 periods EMA and 50 periods EMA at a farther distance; this connotes that the bullish momentum is getting stronger. The currency pair may carry out a retracement before it continues bullish movement towards the supply level of $112.1. Immediately after the $112.1 price level is the supply level of $112.8. The relative strength Index period 14 is at 70 levels with the signal lines pointing up to indicate a buy signal.
USDJPY Medium-term Trend: Bullish
USDJPY is bullish on the 4-hour chart. The price consolidated at the $109 price level for a few days after it broke up the former supply level of $109.7. USD currency gained strength while JPY was weak; this factor propelled the currency pair to break up the $111 price level.
The 21 periods EMA and the 50 periods EMA are below the price. The Relative strength index period 14 is above 80 levels with the signal line pointing up which indicates a buy signal.
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