USDJPY Price Analysis – July 06
In case the bulls’ pressure increase to break up the resistance level of $135, then, the price may increase to $136 and $138 levels. In case the bulls fail to break up $135 level, the currency pair may experience a bearish reversal and the price may decline towards the support level of $134, $132 and $131 price level.
USDJPY Market
Key levels:
Resistance levels: 135, $136, $138
Support levels: $134, $132, $131
USDJPY Long-term Trend: Bullish
On the 4-hour chart, USDJPY is bullish. Bulls holds to the USDJPY market and the price increase to the high of $135 resistance level. The just mentioned level is significant and strong against the bulls’ pressure. The bulls displayed a sign of weakness as the daily bearish candle formed and the price pulled back and retest dynamic support levels. Price is currently ranging around $135 zone.
USDJPY is trading above the 9 periods EMA and 21 periods EMA at close contact as a sign of decrease in bulls’ momentum. In case the bulls’ pressure increase to break up the resistance level of $135, then, the price may increase to $136 and $138 levels. In case the bulls fail to break up $135 level, the currency pair may experience a bearish reversal and the price may decline towards the support level of $134, $132 and $131 price level.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement on the 4-hour chart. US Dollar has being very strong against Japanese Yen for many days. The resistance level of $136 was tested. The price pulled back to retest the broken level. The bulls are overpowering the bears at the moment. The bulls are pushing the price to retest the previous high at $136.
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 63 levels with the signal line displaying bullish price direction.
