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USDJPY Price Approaches a Potential Bullish Reversal Level – Cryptovibes.com – Daily Cryptocurrency and FX News

USDJPY Price Approaches a Potential Bullish Reversal Level – Cryptovibes.com – Daily Cryptocurrency and FX News


USDJPY Price Analysis – April 21

The breakdown of the support level of $106 will expose the price to $105 support level, further increase in bears’ pressure may lead to price decrease to $104. Looking towards north side of the chart are found the resistance levels above the current price at $108, $109 and $111 price level.

USDJPY Market

Key levels:

Supply levels: $108, $109, $111

Demand levels: $106, $105, $104

USDJPY Long-term Trend: bearish

USDJPY is bearish on the long-term outlook.  The bears continues to dominate the USDJPY market as the bearish momentum increases, USDJPY price decreases. More daily bearish candles are produce, the former support level of $108 has turned to resistance level. The price is currently testing the support level of $106 level.  In case the bears’ pressure fail at $106 level, the bulls may take over the market.

USDJPY Daily chart, April 21

 

Today, there is low bearish volatility, the sellers ate trying to break down the $106 level. USDJPY has penetrate downside both the fast moving average (9 day EMA) and the slow moving average (21 day EMA) which connotes that bears are in control of the USDJPY market. The breakdown of the support level of $106 will expose the price to $105 support level, further increase in bears’ pressure may lead to price decrease to $104. Looking towards north side of the chart are found the resistance levels above the current price at $108, $109 and $111 price level.

 USDJPY Medium-term Trend: Bearish

USDJPY is bearish on the 4-hour chart. The price is consistently declining as the bears continue to exert more pressure on the USDJPY market. This down trend commences after the price is rejected at the resistance level of $111. Further price decrease is envisaged provided $106 does not hold.

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USDJPY 4-hour chart, April 21

The price is trading below the 9 periods EMA and the 21periods EMA, which indicates that the bears’ momentum is increasing. Meanwhile, the Relative Strength Index period 14 is at 30 levels with the signal line pointing down to indicate the sell signal.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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