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Will There Be a Bullish Price Reversal at $108 Level? – Cryptovibes.com – Daily Cryptocurrency and FX News

Will There Be a Bullish Price Reversal at $108 Level? – Cryptovibes.com – Daily Cryptocurrency and FX News


USDJPY Price Analysis – August 04

Should the bulls defend the support level of $108, price may increase and face the resistance levels at $109, $110 and $111. An increase in the bears’ pressure may decrease USDJPY below the support level of $108 and if the daily candle close below it, it will decrease the price to $107 and $106 support level.

USDJPY Market

Key levels:

Resistance levels: $109, 110, $111

Support levels: $108, $107, $106

USDJPY Long-term Trend: Bearish

USDJPY is bearish on the long-term outlook. The bearish momentum continue to increase in the daily chart of USDJPY. The price closed below the former support level of $109 last week. More bearish candles were produced which indicate an increase in the bears’ pressure. The bearish pressure has pushed the price to test the support level of $108 yesterday. The price is currently pulling back at the just mentioned support level.

USDJPY daily chart, August 04

USDJPY continues trading below the 9 periods EMA and 21 periods EMA as a sign of bearish trend. Should the bulls defend the support level of $108, price may increase and face the resistance levels at $109, $110 and $111. An increase in the bears’ pressure may decrease USDJPY below the support level of $108 and if the daily candle close below it, it will decrease the price to $107 and $106 support level.

USDJPY Medium-term Trend: Bearish

USDJPY is on the bearish movement on the 4-hour chart. The bullish trend line was broken downside last week which indicate an increase in the bear’ pressure. The currency pair decline towards $108 price level. There is tendency for the price to pull back or reverse at the support level of $108.

USDJPY 4 hour chart, August 04

The price is trading below the 9 periods EMA and the 21 periods EMA, the Relative Strength Index period 14 is at 40 levels with the signal line displaying a bullish trend.



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