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USDJPY Price Bounces at $108 Level, Increases to Test $110 – Cryptovibes.com – Daily Cryptocurrency and FX News

USDJPY Price Bounces at $108 Level, Increases to Test $110 – Cryptovibes.com – Daily Cryptocurrency and FX News


USDJPY Price Analysis – August 11

Should the bulls gain more momentum to push up the price above the $110 resistance level, then, the resistance level of $111 and $112 may be tested.  An increase in the bears’ pressure may decrease USDJPY below the support level of $109 and if the daily candle close below it, it will decrease the price to $108 and $107 support levels.

USDJPY Market

Key levels:

Resistance levels: 110, $111, $112

Support levels: $109, $108, $107

USDJPY Long-term Trend: Bullish

USDJPY is bullish on the long-term outlook. The bearish momentum could not continue when it reached the support level of $108. Bullish engulfing candle emerges couple with the formation of more bullish candles, the price increases to break up the resistance level of $109. Price increases and tests the resistance level of $110 today.

USDJPY Daily chart, August 11

USDJPY is trading above the 9 periods EMA and 21 periods EMA which indicate a bullish movement on the daily chart. Should the bulls gain more momentum to push up the price above the $110 resistance level, then, the resistance level of $111 and $112 may be tested.  An increase in the bears’ pressure may decrease USDJPY below the support level of $109 and if the daily candle close below it, it will decrease the price to $108 and $107 support levels.

USDJPY Medium-term Trend: Bearish

On the 4-hour chart, USDJPY is bullish. Last week, on the 4-hour chart, the currency pair is bearish. The bearish pressure pushes the price down to the support level of $108. The bulls interrupted the bearish pressure at the support level with the formation of bullish engulfing candle. The price increases and test $110 price level today. It is currently pulling back at resistance level of $110.

USDJPY 4 hour chart, August 11

The price is trading below the 9 periods EMA and the 21 periods EMA is yet to be broken down side. The Relative Strength Index period 14 is at 60 levels with the signal line displaying a bearish signal.



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