USDJPY Price Analysis – November 18
The bears may push down the pair to the support level of $103.2, it may be penetrated and reduce the price to $103.1 and $101. Looking at the upper side of the market; the resistance level may be found at $104.3, $105.2, and $106.0.
Key levels:
Supply levels: $104.3, $105.2, $106.0
Demand levels: $103.2, $102.1, $101
USDJPY Long-term Trend: Bearish
The currency pair was under the bulls’ control last two weeks. The pair increases from the low of $103.2 to a high of $105.2 under the strong bullish momentum with the formation of a big and massive daily bullish candle. The resistance level of $105.2 was defended by the bears; this is a notice in the daily chart when bearish candles are produced at $105.2 levels. Last week, the bears’ pressure increases, and the price fall.
The price has penetrated the former support level of $104.3 downside and it is heading towards the support level of $103.2. The pair is trading below the 9 periods EMA and 21 periods EMA symbolizes a further increase in the bears’ strength. The bears may push down the pair to the support level of $103.2, it may be penetrated and reduce the price to $103.1 and $101. Looking at the upper side of the market; the resistance level may be found at $104.3, $105.2, and $106.0.
USDJPY Medium-term Trend: Bearish
The bulls could not continue with the pushing up of the currency pair when it reaches the resistance level of $105. The bears take over the market and decline by break down the former support level of $104.3. The price is currently targeting the support level of $103.2.
USDJPY is trading below the 9 periods EMA and 21 periods EMA couple with the relative strength index period 14 bending down at 20 levels to indicate a sell signal. It is advisable to place a sell order at $103.853, Profit at $106.354, and Stop Loss at $104.247.
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