in

USDJPY Price May Reverse at $111 Significant Resistance Level – Cryptovibes.com – Daily Cryptocurrency and FX News

USDJPY Price May Reverse at $111 Significant Resistance Level – Cryptovibes.com – Daily Cryptocurrency and FX News


USDJPY Price Analysis – March 31

The inability to break up the significant resistance level at $111 may reverse the price direction towards the support level at $109, $108 and $106. In case the bulls were able to penetrate the $111 price level, then, $112 and $113 price level may be the target.

USDJPY Market

Key levels:

Supply levels: $111, $112, $113

Demand levels: $109, $108, $106

USDJPY Long-term Trend: bullish

USDJPY is bullish in the long-term outlook.  The currency pair was ranging last week within $109 and $108 price levels. On 25 March, the bulls gained enough pressure to break up the former resistance level of $109. Followed the breakout was the formation of more bullish candles which increases the price to the significant resistance level of $111. At the moment, the price is pulling back.

USDJPY Daily chart, April 01

The price is trading above the two EMAs while the two are separated from each other which connotes that bulls are holding tight to USDJPY market. The inability to break up the significant resistance level at $111 may reverse the price direction towards the support level at $109, $108 and $106. In case the bulls were able to penetrate the $111 price level, then, $112 and $113 price level may be the target.

USDJPY Medium-term Trend: Bullish

USDJPY is bullish on the 4-hour chart. The resistance level at $109 price level could not withstand the bulls’ pressure. The mentioned level was penetrated and the price increases towards the resistance level at $111. The bulls’ pressure seems to become weak at the moment and the price may reverse in case the bulls could not gain more pressure.

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr
USDJPY 4-hour chart, April 01

The price is trading above the 9 periods EMA and the 21periods EMA, which indicates that the bulls’ momentum is increasing. Meanwhile, the Relative Strength Index period 14 is below 70 levels with the signal line pointing down to indicate the sell signal.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Source link

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Loading…

0

What do you think?

I recently shared with you a bot I coded that buys Bitcoin when Elon Musk tweets about it, and your response got it featured on Decrypt. You guys made me want to release an official application for it

Snoop Dogg Announces the Release of His First NFT Collection: “A Journey with the Dogg”