USDJPY Price Bounces Off Resistance Level of $105.7, Further Decrease Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News

USDJPY Price Analysis – February 11

An increase in the bears’ momentum may break down the support level of $104.3 and extend to $103.8 and $103.2 provided the support level of $104.3 does not hold. In case the support level of $104.3 is defended by the bulls, then, the price may change direction towards the $105.0, $105.7, and $106.4 resistance level.

Key levels:

Resistance levels: $105.0, 105.7, $106.4
Support levels: $104.3, $103.8, $103.2

USDJPY Long-term Trend: Bullish

On the daily chart, USDJPY is bearish. The bulls’ momentum was exhausted when the price reached a high of $105.7. The price formed an evening star candle pattern at the $105.7 resistance level. The price obeyed the bears’ command and decline to the $104 level after it penetrates the $105.0 downside. At the moment, the price is consolidating at $104.3.

USDJPY Has penetrates the fast-moving averages targeting the slower moving average; that is the price is trading in between the 9 periods EMA and 21 periods EMA. This connotes an increase in the bears’ pressure. An increase in the bears’ momentum may break down the support level of $104.3 and extend to $103.8 and $103.2 provided the support level of $104.3 does not hold. In case the support level of $104.3 is defended by the bulls, then, the price may change direction towards the $105.0, $105.7, and $106.4 resistance level.

USDJPY Medium-term Trend: Bearish

USDJPY is bearish in the 4-hour chart. The price action has formed a double top chart pattern on the 4-hour time frame last week at the resistance level of $105. This is what caused the falling of the price to the support level at $104 where it is consolidating at moment.

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