USDJPY Price Analysis – April 22
The breakup of the supply level of $107 will expose the $108 which may extend to $109 price level. In case the supply level of $107 holds the pair may descend towards the demand levels of $106, $105, and $103.
Supply levels: $107, $108, $109
Demand levels: $106, $105, $103
USDJPY Long-term Trend: Ranging
USDJPY is ranging in the long-term outlook. On 02 April, the pair found support at the demand level of $106. A bullish engulfing candle formed and propelled the price above the supply level of $108 after it broke up the $107 price level. On 07 April, the Bears interrupt the upward movement, the pair declined to the previous low of $106 price level. The bulls’ pressure became weak and the momentum of the bears was low, hence, ranging movement commenced.
The 9 periods EMA remains below the 21 periods EMA and the price is trading below the two EMAs which indicates that the bears still hold the USDJPY market. The breakup of the supply level of $107 will expose the $108 which may extend to $109 price level. In case the supply level of $107 holds the pair may descend towards the demand levels of $106, $105, and $103. The Relative Strength Index period 14 is above 40 levels with the signal lines horizontally parallel to the level which indicates that consolidation is in progress.
USDJPY Medium-term Trend: Ranging
USDJPY is on the ranging movement on the 4-hour chart. The currency pair was under the bears’ pressure last week. The Sellers pushed down the price and reached the demand level of $106. The momentum of the Bears and the Bulls became equilibrium, the price started consolidation within the $107 and $106 price 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 above 50 levels with the signal line pointing up to indicate buy.
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