USDJPY Price Analysis – March 28
In case the demand level of $110 holds and the bulls increase their momentum, the pair will continue its upward movement towards $112 supply level.
USDJPY Market
Key levels:
Supply levels: $112, $114, $117
Demand levels: $110, $107, $104
USDJPY Long-term trend: Bearish
USDJPY is bearish on the long-term outlook. The steady increase of the currency pair has led to the formation of the ascending wedge on the daily chart. The currency pair has touched the upper trend line three times and at the third time to touch the lower trend line the breakout occurs. The strong bearish candle emerged and broke down the dynamic support and penetrated the $110 demand level. This scenario disrupted the steady increase of the USDJPY price. The Bulls defended the $110 price level and the price pulled back.
USDJPY Daily Chart, March 28
The Relative Strength Index period 14 is at 40 levels, with the signal lines pointing up to indicates buy signal. USDJPY is below the 21 periods EMA and 50 periods EMA. The EMAs are close to each other as a sign of consolidation. In case the demand level of $110 holds and the bulls increase their momentum, the pair will continue its upward movement towards $112 supply level.
USDJPY Short-term Trend: Bullish
On the 4-hour chart, USDJPY is on the Bearish trend. The bearish trend on the 4-hour chart has led to the formation of the “Head and Shoulder pattern”. There is a possibility for the USDJPY to increase in price. The coin is about to cross over the two dynamic resistances upside; that is, USDJPY is trading in between the 21 period EMA and 50 periods EMA.
USDJPY 4-hour chart, March 28
The Stochastic Oscillator period 14 is above 60 levels and the signal lines pointing up to indicate buy signal. The coin is targeting $112 supply level.
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