USDJPY Price Analysis – December 08
In case the bulls increase their pressure, price may increase further to the resistance level of $114, $115 and $116. In case the bears interrupt bulls, price may continue its bearish movement towards south and the support levels of $112, $111 and $110 may be its target. USDJPY Market
Key levels:
Resistance levels: $114, $115, $116
Support levels: $112, $111, $110
USDJPY Long-term Trend: Bullish
USDJPY is bullish on the daily chart. Last two weeks, the bears were in control of the USDJPY market. The low of $112 support level was reached and the bears’ momentum failed. The price continue to experience a consolidation movement around the $112 level last week. On December 06, a bullish engulfing candle emerges and the price started increasing towards the resistance level of $114. Today bulls are dominating the market.
The price is trading below the 21 periods EMA but above 9 periods EMA which indicate a bullish movement. In case the bulls increase their pressure, price may increase further to the resistance level of $114, $115 and $116. In case the bears interrupt bulls, price may continue its bearish movement towards south and the support levels of $112, $111 and $110 may be its target.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement in the 4-hour chart. The bulls are resuming back in to the USDJPY market after short period of price retracement. The support level of $112 is tested. The bullish momentum increases and the price started increasing.
The price is trading above the 9 periods EMA and 21 periods EMA and the two are separated from each other. The Relative Strength Index period 14 is at 60 levels with the signal displaying bullish direction.
