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USDJPY Price Commences Bearish Trend – Cryptovibes.com – Daily Cryptocurrency and FX News

USDJPY Price Commences Bearish Trend – Cryptovibes.com – Daily Cryptocurrency and FX News


USDJPY Price Analysis – October 27

In case the bulls push price to penetrate the support level of $113, it may decrease to $111 and $110 levels. The price may reverse and continue uptrend towards the resistance level of $114, $115 and $116 in case the support level of $113 holds.

USDJPY Market

Key levels:

Resistance levels: $114, $115, $116

Support levels: $113, $112, $111

USDJPY Long-term Trend: Bullish

USDJPY is bullish on the daily chart. The price action is trying to form “M” shape on the daily chart. This indicate that bears are preparing to take over the USDJPY market. Bulls’ momentum have push the price to reach the high of $114. The mentioned resistance level holds. Today, a bearish candle opens the market which means bears are dominating the market.

The price is trading below the 9 periods EMA while 21 periods EMA is below the price as an indication of weak bullish trend. The fast period EMA remains above the slow period EMA. In case the bulls push price to penetrate the support level of $113, it may decrease to $111 and $110 levels. The price may reverse and continue uptrend towards the resistance level of $114, $115 and $116 in case the support level of $113 holds.

USDJPY Medium-term Trend: Bearish

USDJPY is on the bearish movement in the 4-hour chart. The currency pair has been very bullish for many days.  The bullish momentum pushed the price to reach the resistance level of $114 on October 19. It pulled back to retest the support level of $113. The bulls tried to oppose the movement but at the moment, price is declining to penetrate $113 level downside.

The price has penetrated the fast Moving Average and it is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 40 levels with the signal line bending down to indicate sell signal.



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