USDJPY Price Analysis – April 08
Further increase in the bulls’ pressure will break up the supply level of $108 and the upside target levels will be $109 and $111 level. In case the bears increase their momentum over the bulls, the downside target levels will be $106, $105 and $103.
Supply levels: $108, $109, $111
Demand levels: $106, $105, $103
USDJPY Long-term Trend: Bullish
USDJPY is bullish on the long-term outlook. A couple of weeks ago, USDJPY was bearish. The Bearish momentum placed the price at the demand level of $106. On April 01, a bullish engulfing candle emerged; this bullish reversal signal made the bulls to propel the price towards the supply level of $108. The level could not hold the price but rather penetrated and the price is exposed to the supply level of $109.
The 9 periods EMA and the 21 periods EMA are interlocked and the price is directly in touch with the EMAs; which indicates that the momentum of both the buyers and the sellers is low. Further increase in the bulls’ pressure will break up the supply level of $108 and the upside target levels will be $109 and $111 level. In case the bears increase their momentum over the bulls, the downside target levels will be $106, $105 and $103. The Relative Strength Index period 14 is at 50 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. Consolidation continues in the 4-hour chart at the supply level of $108. When the bulls pushed up the price to test the supply level of $111, the bullish momentum and the bears’ pressure were at equilibrium; thus, the price commenced consolidation at the supply level of $111.
The price is hovering over the 21 periods EMA and the 50 periods EMA which indicates that the consolidation is ongoing at the USDJPY market. The RSI is at 50 levels with the signal line pointing up to indicate buy.
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