USDJPY Price Analysis – February 26
Further increase in the Bulls’ momentum may break up the supply level of $111. In case the Bulls’ momentum becomes weak and unable to break up the level, the price may start to consolidate.
Supply levels: $111, $112.1, $112.8
Demand levels: $109.7, $108.9, $107.5
USDJPY Long-term Trend: Bearish
USDJPY is bearish on the long-term outlook. The currency pair was under the control of the Bulls’ pressure. USDJPY continues propelling towards the supply level of $112.1 after the break up of the supply level of $111. The Bears defends the supply level of $112 and the price could not break up the level. The Bears push down the price with the formation of strong bearish candles and the price tested the demand level of $109.7. The price may bounce towards the north at the level.
The pair is trading directly on the 21 periods EMA while 50 periods EMA is below the two which indicates that the USD is weak. Further increase in the Bulls’ momentum may break up the supply level of $111. In case the Bulls’ momentum becomes weak and unable to break up the level, the price may start to consolidate. The relative strength Index period 14 is at 50 levels with the signal lines pointing up to indicate a buy signal.
USDJPY Medium-term Trend: Bearish
USDJPY is bearish on the 4-hour chart. The price bounces off the supply level of $112. It declined towards the demand level of $109. Today, the price slowly repels from the demand level of $109.
The price is trading below the 21 periods EMA and the 50 periods EMA which connotes bearish movement in the USDJPY market. The Relative strength index period 14 is at 40 levels with the signal line showing no specific direction, which indicates that consolidation is ongoing in the USDJPY market.
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