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Double Top Chart Pattern at $111, Bearish Movement Commences – Cryptovibes.com – Daily Cryptocurrency and FX News

Double Top Chart Pattern at $111, Bearish Movement Commences – Cryptovibes.com – Daily Cryptocurrency and FX News


USDJPY Price Analysis – October 06

When the bulls gain more momentum, the resistance level of $111 may be broken up and the price may increase to $112 and $113 resistance level. In case, the resistance level of $111 is defended by the bulls, the price may face south and target $110, $109 and $108 support levels.

USDJPY Market

Key levels:

Resistance levels: $111, $112, $113

Support levels: 110, $109, $108

USDJPY Long-term Trend: Bullish

USDJPY is bullish on the daily chart. The bulls were in control of the USDJPY market since September 22. A bullish engulfing candle formed at the support level of $108. This triggered a bullish trend to the resistance level of $111. The mentioned level was broken up to expose the $112 resistance level. Last week, the currency pair pulled back to retest $110 level. Yesterday, the bears are trying to return the pair to bullish trend.

USDJPY daily chart, October 06

The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish trend while fast period EMA is above the slow period EMA as an evidence of uptrend. When the bulls gain more momentum, the resistance level of $111 may be broken up and the price may increase to $112 and $113 resistance level. In case, the resistance level of $111 is defended by the bulls, the price may face south and target $110, $109 and $108 support levels.

USDJPY Medium-term Trend: Bearish

USDJPY is on the bearish movement on the 4-hour chart. The price action on the 4-hour chart has formed a “double top” chart pattern. The resistance level of $111 rejected price increase today. Bears dominate USDJPY market and the price is declining. Further price declination envisaged.

USDJPY 4-hour chart, October 06

The price has penetrated the fast Moving Average and it is trading below the 9 periods EMA and trying to break down 21 periods EMA at close contact, the Relative Strength Index period 14 is at 50 levels with the signal line bending down to indicate sell signal.



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