USDJPY Price Analysis – March 30
Should the bears break down the support level of $121, the currency pair may experience a bearish reversal and the price may decline towards the support level of $119, $117 price level. When the bulls, increase their pressure, the resistance level of $123 may be broken upside and the price increase to $124 and $125 levels.
USDJPY Market
Key levels:
Resistance levels: $123, $124, $125
Support levels: $121, 119. $117
USDJPY Long-term Trend: Bearish
USDJPY is on the bearish movement. The bulls refused to let USDJPY go with further increase in their momentum. The resistance level of $121 was penetrated and the price tested the high of $125 resistance level on March 28. The bears defends the mentioned level and the price pulls back to retest the support level of 4121. Further price decrease envisaged as the momentum of the sellers increases.
USDJPY is trading above the 9 periods EMA and 21 periods EMA at close contact as a sign of decrease in bulls’ momentum. Should the bears break down the support level of $121, the currency pair may experience a bearish reversal and the price may decline towards the support level of $119, $117 price level. When the bulls, increase their pressure, the resistance level of $123 may be broken upside and the price increase to $124 and $125 levels.
USDJPY Medium-term Trend: Bearish
USDJPY is on the bearish movement on the 4-hour chart. The bullish trend placed the price at $125 resistance level. An inside bar candle pattern formed which is a bearish reversal candle pattern. The price decline by broken down the former support level of $123. More pressure from the bears was exerted and the price is currently testing the support level of $121.
The price is trading below the 9 periods EMA and the 21 periods EMA.at close contact. The Relative Strength Index period 14 is at 45 levels with the signal line displaying bearish price direction.
