PRESS RELEASE: USDJPY Price; Bears Oppose Price Increase at $104.3

USDJPY Price Analysis – January 20

A further increase in the bears’ momentum may decrease the price down to $102.5 provided the support level of $103.2 does not hold. In case the support level of $103.8 is defended by the bulls, then, the price may continue its bullish trend towards the $103.8, $104.3 and $105.0.

Key levels:

Supply levels: $103.8, $104.3, $105.0

Demand levels: $103.2, $102.5, $101.7

USDJPY Long-term Trend: Bullish

On the daily chart, USDJPY is bullish. Immediately after the currency pair broke out of the descending channel formed on January 07, the bulls increased their momentum, the price was pushed up to reach the resistance level of $104.3 but the bullish force could not break up the mentioned level. The bears opposed the bullish movement with the formation of daily strong bearish candle. The price retested $103.8 level and started ranging movement at the support level of $103.8.

The two EMAs are joining together as a sign of ranging market. The currency pair is trading over and around the 9 periods EMA and 21 periods EMA. A further increase in the bears’ momentum may decrease the price down to $102.5 provided the support level of $103.2 does not hold. In case the support level of $103.8 is defended by the bulls, then, the price may continue its bullish trend towards the $103.8, $104.3 and $105.0.

USDJPY Medium-term Trend: Bearish

USDJPY is bearish in the 4-hour chart. The price action has formed a wedge in the 4-hour chart. The price is ranging within the wedge formed. The price is moving close to the lower trend line of the wedge at the support level of $103.8.

USDJPY is trading below the 9 periods EMA and the21 periods EMA as an indication of bearish movement. Also, the relative strength index period 14 is at 40 levels bending up to indicate a buy signal which may be a pullback.

This is a syndicated post from https://www.cryptovibes.com/blog/2021/01/20/usdjpy-price-bears-opposes-price-increase-at-104-3/