USDJPY Price Analysis – March 24
Further increase in the Bulls’ momentum will increase the price which may break up the supply level of $108 and target $109 – $111 price levels. In case the supply level of $108 holds, the price may commence consolidation within the range.
Supply levels: $112, $113, $114
Demand levels: $111, $109, $108
USDJPY Long-term Trend: Bullish
USDJPY is bullish on the long-term outlook. The Buyers in the USDJPY market never relent their effort. Their momentum is increasing daily. The market closed last week at former supply level of $108. The bulls gathered more pressure and broke up the level with the formation of a strong bullish candle that broke up $108, $109 price level on the same day. USDJPY price eventually expose to the supply level of $112.
The 9 periods EMA has crossed the 21 periods EMA upside and USDJPY is trading above the two EMAs. The bulls may gain more pressure to break up the supply level of $112, the supply levels of $113 and $114 will be the next target. On the downside, when the bears break down the demand level of $111, the demand levels of $109 and $108 will be the target. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing up which indicates a buy signal.
USDJPY Medium-term Trend: Ranging
USDJPY is on the ranging mode on the 4-hour chart. The bulls pushed up the price to test the supply level of $111. The bullish momentum became weak and the bears’ pressure is equally weak; thus, the price commenced consolidation at the supply level of $111
The price is trading directly on the 21 periods EMA and the 50 periods EMA which indicates that the bulls are still in control of the USDJPY market. The RSI is at 60 levels with the signal line pointing down to indicate sell.
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.