USDJPY Price Analysis – June 22
In case the bears defend the resistance level of $136, the currency pair may experience a bearish reversal and the price may decline towards the support level of $135, $134 and $132 price level. When the bulls increase their pressure, the resistance level of $136 may be broken upside and the price increase to $138 and $140 levels.
USDJPY Market
Key levels:
Resistance levels: $136, $138, $140
Support levels: 135, $134, $132
USDJPY Long-term Trend: Bullish
USDJPY is on the bullish movement. The bulls have successfully pushed the price to the high of $135 resistance level. The bulls displayed a sign of weakness as the daily bearish candle formed and pulled back on June 15. A bullish engulfing candle emerged and price increased to break up the $135 level. The resistance level of $136 is tested.
USDJPY is trading above the 9 periods EMA and 21 periods EMA as a sign of an increase in bulls’ momentum. In case the bears defend the resistance level of $136, the currency pair may experience a bearish reversal and the price may decline towards the support level of $135, $134 and $132 price level. When the bulls increase their pressure, the resistance level of $136 may be broken upside and the price increase to $138 and $140 levels.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement on the 4-hour chart. The bullish trend commenced when there was a bullish breakout at the former resistance level of $133. The buyers continuously exerting pressure and the currency pair is increasing accordingly. The former resistance level of $133 and $135 have turned to be support levels. Today, the bulls have pushed up the price to test the resistance level of $136. The price is currently pulling back.
The price is trading above the 9 periods EMA and the 21 periods EMA.at close contact. The Relative Strength Index period 14 is at 64 levels with the signal line displaying bearish price direction.
