TradingView Analysis

USDJPY Price: Can Bulls Prevail Over Bears?

USDJPY Price Analysis – June 10

When the bears increase their pressure, it may break down the support level of $108 and the daily candle close below it, it will decrease the price to $107 and $105 support level. In case the bulls’ pressure interrupt the bears’ pressure, ranging market may continue or the bullish movement may commence towards the resistance level at $109, $111 and $113.

USDJPY Market

Key levels:

Resistance levels: $109, $111, $113

Support levels: $108, $107, $105

USDJPY Long-term Trend: Bearish

USDJPY is bearish on the long-term outlook.  The bulls prevailed over the bears early last week by breaking up the resistance level of $109. The bears quickly responded negatively to the price increase with formation of bearish engulfing candle. The currency pair obeyed the candle pattern and the price decreases towards the support level of $108.

USDJPY Daily chart, June 10

The pair is trading over and around the 9 periods EMA and 21 periods EMA indicating a consolidating market. The 9 periods EMA is fairly separated from the 21 periods EMA. When the bears increase their pressure, it may break down the support level of $108 and the daily candle close below it, it will decrease the price to $107 and $105 support level. In case the bulls’ pressure interrupt the bears’ pressure, ranging market may continue or the bullish movement may commence towards the resistance level at $109, $111 and $113.

 USDJPY Medium-term Trend: Ranging

USDJPY is on the ranging movement on the 4-hour chart. The bulls are yet to break up the resistance level of $109. Likewise, the bears’ momentum could not drive the price below the support zone of $108. The price is currently consolidating within $108 and $109 levels.

USDJPY 4 hours chart, June 10

The price is ranging and trading over and around the 9 periods EMA and the 21periods EMA, the Relative Strength Index period 14 is below 50 levels with the signal line displaying no specific price direction.

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