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USDJPY Price Analysis – November 03
In case the bears push price to penetrate the support level of $113, it may decrease to $112 and $111 levels. Should the support level of $113 holds, the price may reverse and continue uptrend towards the resistance level of $114, $115 and $116.
USDJPY Market
Key levels:
Resistance levels: $114, $115, $116
Support levels: $113, $112, $111
USDJPY Long-term Trend: Ranging
USDJPY is ranging on the daily chart. The currency pair has been trading within the resistance level of $114 and support level of $113 for more than seven days. The ranging movement commenced on October 20 when the price tested the significant resistance level of $114. The bulls’ pressure became weak. In the same way, the bears’ pressure is not enough to penetrate the support level of $113.
The fast period EMA remains above the slow period EMA. The price is trading below the 9 periods EMA while 21 periods EMA is below the price as an indication of weak bullish trend. In case the bears push price to penetrate the support level of $113, it may decrease to $112 and $111 levels. Should the support level of $113 holds, the price may reverse and continue uptrend towards the resistance level of $114, $115 and $116.
USDJPY Medium-term Trend: Ranging
USDJPY is on the ranging movement in the 4-hour chart. The currency pair is range-bound within the resistance level of $114 and support level of $113. The bulls lose its momentum and the bears’ pressure is not enough to break down the support level of $113. USDJPY is awaiting a breakout.
The price is hovering over the 9 periods EMA and 21 periods EMA and the two are interlocked to each other. The Relative Strength Index period 14 is at 50 levels with the signal displaying no specific direction.
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