USDJPY Price Analysis – January 13
When the bears increase their momentum, the price may decline to the support level of $103.2, which may extend to $102.5 and $101.7. In case the bulls defend the $103.2 level, the price may continue the bullish trend towards the resistance levels at $103.8, $104.4, and $105.0.
Key levels:
Supply levels: $103.8, $104.4, $105.0
Demand levels: $103.2, $102.5, $101.7
USDJPY Long-term Trend: Bullish
USDJPY is bullish in the daily chart. The currency pair broke out of the descending channel formed on January 07. The bulls increased their momentum at the support level of $102.5 when the bearish momentum failed. The price reached a resistance level at $104.3. Yesterday, a bearish reversal candle pattern emerges (Bearish engulfing), and the price decreases below the support level of $103.8. At the moment, the price is targeting a $103.2 price level.
The price has already broken down the support level of $103.8, trying to break down the two dynamic support levels. The price is trading above the 9 periods EMA and 21 periods EMA at the close range. When the bears increase their momentum, the price may decline to the support level of $103.2, which may extend to $102.5 and $101.7. In case the bulls defend the $103.2 level, the price may continue the bullish trend towards the resistance levels at $103.8, $104.4, and $105.0. The relative strength index period 14 is bending up at 50 levels indicating a sell signal.
USDJPY Medium-term Trend: Bearish
USDJPY is bearish in the 4-hour chart. The currency pair was bullish early last week as it bounced from the lower trend line at the support level of $102.5 due to confluence at the level. The bulls gained more strength and push up the price towards the resistance level of $103.8. The mentioned level could not withstand the bullish pressure, the channel was broken upside and the price increased to the $104.3 level.
USDJPY is trading below the 9 periods EMA and the21 periods EMA as an indication of bearish movement. Also, the relative strength index period 14 is at 40 levels bending down to indicate a sell signal.
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