USDJPY Price Analysis – July 14
In case bulls increase their pressure, USDJPY may increase towards the resistance level of $111 and if the daily candle close above it, it will increase the price to $113 resistance level. Should the bulls’ pressure fails at resistance level of $110, price may reverse and the bearish movement may continue towards the support level at $109, $108 and $107.
USDJPY Market
Key levels:
Resistance levels: 110, $111, $113
Support levels: $109, $108, $107
USDJPY Long-term Trend: Bullish
USDJPY is bullish on the long-term outlook. Two weeks ago, the currency pair was under the control of bears. USDJPY tested the resistance level of $111 on July 01 and reversed after the formation of bearish engulfing candle. On July 08, the support level at $109 was tested and the bulls reacted against the price decrease. The bulls have been dominating the USDJPY market since four days ago. Today, the price is pulling back as the bears are in control of the USDJPY market.
The price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish movement. In case bulls increase their pressure, USDJPY may increase towards the resistance level of $111 and if the daily candle close above it, it will increase the price to $113 resistance level. Should the bulls’ pressure fails at resistance level of $110, price may reverse and the bearish movement may continue towards the support level at $109, $108 and $107.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement on the 4-hour chart. The currency pair was on the bearish movement last week. The bearish momentum pushed the price to the support level at $109. A bullish engulfing candle formed and this triggered the bulls’ pressure. The price increase towards the resistance level of $110 after crossing the two dynamic resistance upside.
The price is trading above the 9 periods EMA and the 21 periods EMA, the Relative Strength Index period 14 is at 50 levels with the signal line displaying a bearish direction which may be a pullback.