USDJPY Price Analysis – April 13
Should the Bulls increase their momentum to break the resistance level of $126, the price may reach the supply levels of $127 and $128. In case bears were able to penetrate the support level of $125 downside, price will face the support levels of $125, $124 and $123.
USDJPY Market
Key levels:
Supply levels: $126, $127, $128
Demand levels: $125, $124, $123
USDJPY Long-term Trend: Bullish
On the long-term outlook, USDJPY is bullish. USDJPY was bearish last two weeks, the currency price closed at the demand level of $121 with the hope from the traders that the price will penetrate the level downside at the opening of the market following week. The Bulls defended the $121 price level and a strong bullish daily candle emerged that pushed the price back to the previous high above the former supply level of $125.
The price crossed the two EMAs upside to test the resistance level of $126. As at the moment of writing this report, the price is trading above the 21 periods EMA and 9 periods EMA which indicates that the Bulls dominates the USDJPY market. Should the Bulls increase their momentum to break the resistance level of $126, the price may reach the supply levels of $127 and $128. However, the relative strength index period 14 is at 80 levels with the signal lines bending up to indicate the buy signal.
USDJPY Medium-term Trend: Bullish
USDJPY is bullish on the 4-hour chart. USDJPY price reached a low level of $115 on March 04. The level held the price and it bounced, rallied towards the former supply level of $125. The level could not hold the price, broke it up and touched the upper resistance level of $126.
In case bears were able to penetrate the support level of $125 downside, price will face the support levels of $125, $124 and $123. However, the relative strength index period 14 is at 64 levels with the signal lines pointing down to indicate a sell signal.
