USDJPY Price Analysis – April 15
When the demand level of $106 is broken downside, the demand level of $105 and $103 is the next targeted level. In case the supply level of $108 does not hold, the bulls will focus on on$109 and $111 supply levels.
Supply levels: $108, $109, $111
Demand levels: $106, $105, $103
USDJPY Long-term Trend: Bearish
USDJPY is bearish on the long-term outlook. The bulls dominated the USDJPY market in the last two weeks. Their momentum pushed up the price to the supply level of $108 on April 08. The “bearish harami” candle pattern formed at the just mentioned level; this is what triggered a bearish movement last week. The price later found support at the demand level of $106.
The 9 periods EMA has penetrated the 21 periods EMA downside and the price is trading below the two EMAs which indicates that the bears are controlling the USDJPY market. When the demand level of $106 is broken downside, the demand level of $105 and $103 is the next targeted level. In case the supply level of $108 does not hold, the bulls will focus on on$109 and $111supply levels. The Relative Strength Index period 14 is above 40 levels with the signal lines pointing up which indicates a buy signal.
USDJPY Medium-term Trend: Bearish
USDJPY is on the bearish movement on the 4-hour chart. Shortly after the consolidation, the bears gained more momentum and the price broke out downside at $108 price level. The price declined to reach the demand level of $106. It is currently consolidating at the just mentioned level.
The price is hovering over the 9 periods EMA and the 21periods EMA which indicates that the consolidation is ongoing at the USDJPY market. The RSI is at 40 levels with the signal line pointing up to indicate buy.
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