USDJPY Price Analysis – March 16
An increase in the bulls’ pressure may break up the resistance level of $119, the price may increase to $120 and $121 levels. An interruption of the bulls at $119 level may decrease USDJPY below the support level of $117 and if the daily candle close below it, it will decrease the price to $116 and $115 support levels.
USDJPY Market
Key levels:
Resistance levels: $119, $120, $121
Support levels: 117, $116, $115
USDJPY Long-term Trend: Bullish
USDJPY is on the bullish movement. The bulls eventually overpowered the bears at former resistance of $116. The currency pair was on the ranging movement last two weeks within $116 and $114 levels. The bulls gained more pressure and broke up the resistance level of $116. More pressure from the bulls increase the price and $117 level was penetrated upside. The price is currently targeting the resistance level $119.
The fast moving EMA is above the slow moving EMA. USDJPY is trading above the 9 periods EMA and 21 periods EMA as a sign of an increase in bulls’ momentum. An increase in the bulls’ pressure may break up the resistance level of $119, the price may increase to $120 and $121 levels. An interruption of the bulls at $119 level may decrease USDJPY below the support level of $117 and if the daily candle close below it, it will decrease the price to $116 and $115 support levels.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement on the 4-hour chart. The bears could not break down the support level of $114 during the period of ranging movement last two weeks. The bulls prevailed over the bears and there was a breakout at $116 resistance level and the price soars towards the resistance level towards resistance level of $119.
The price is trading above the 9 periods EMA and the 21 periods EMA, the Relative Strength Index period 14 is at 74 levels with the signal line displaying bullish price direction.
