TradingView Analysis

USDJPY Price: A Bullish Price Reversal at $108 Level, $110 Level May Be Tested

USDJPY Price Analysis – August 18

When the bulls continue to increase their pressure, the resistance level of $110 may be reached which may increase the price to $111 and $112 levels. An increase in the bears’ pressure may decrease USDJPY below the support level of $109 and if the daily candle close below it, it will decrease the price to $108 and $107 support level

USDJPY Market

Key levels:

Resistance levels: 110, $111, $112

Support levels: $109, $108, $107

USDJPY Long-term Trend: Bullish

USDJPY is bullish on the long-term outlook. The bulls displace the bears when the currency pair reaches support level of $108. Bearish momentum discontinue in the daily chart of USDJPY as the candle pattern called Marubozu formed.  Bullish momentum was triggered and the resistance level of $109 is penetrated upside. The price is currently targeting the resistance level of $110.

USDJPY daily chart, August 18

USDJPY commences trading above the 9 periods EMA and 21 periods EMA as a sign of bullish trend. When the bulls continue to increase their pressure, the resistance level of $110 may be reached which may increase the price to $111 and $112 levels. An increase in the bears’ pressure may decrease USDJPY below the support level of $109 and if the daily candle close below it, it will decrease the price to $108 and $107 support level.

USDJPY Medium-term Trend: Bullish

USDJPY is on the bullish movement on the 4-hour chart. The currency pair was obeying the bears last week. Bearish pressure pushed down the pair to the support level of $108. The bearish momentum failed when it reaches the support level of $108. The bullish engulfing candle formed at the level which indicate an increase in the bulls’ pressure.

USDJPY 4 hour chart, August 18

The price is trading above the 9 periods EMA and the 21 periods EMA, the Relative Strength Index period 14 is at 60 levels with the signal line displaying a strong bullish trend.

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