USDJPY Price Commences Bullish Movement After Retracement – Cryptovibes.com – Daily Cryptocurrency and FX News

USDJPY Price Analysis – August 03

Should the Bulls defend the support level of $130, price may reverse and continue a bullish trend towards the resistance level of $135, $136 and $137. An increase in the bears’ momentum may break down the support level of $133, the price may reach the support levels of $131 and $129.

USDJPY Market

Key levels:

Supply levels: $135, $136, $137

Demand levels: $133, $131, $129

USDJPY Long-term Trend: Bullish

USDJPY is bullish on the long-term outlook. Last week, the Bullish movement that commenced on May 31 continues till it reaches the high of $139. The mentioned level holds and the currency pair declines towards south. USDJPY has broken down the support levels of $135, $133 and tested $130. It looks like pullback is over as strong Bullish candles emerged and the price commences an increase.

USDJPY continue its trading below the 21 periods EMA and 9 periods EMA, The latter is below the former which indicates that Bears are in control of the USDJPY market. Should the Bulls defend the support level of $130, price may reverse and continue a bullish trend towards the resistance level of $135, $136 and $137. An increase in the bears’ momentum may break down the support level of $133, the price may reach the support levels of $131 and $129. However, the relative strength index period 14 is at 42 levels with the signal lines bending up to indicate the buy signal.

 USDJPY Medium-term Trend: Bullish

USDJPY is on the bullish movement on the 4-hour chart. USDJPY price bottomed at $131 price level last year. The bulls defend the mentioned level and bullish movement was triggered. The resistance level of $133 was broken upside and it is targeting $135 level.

Price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish trend. However, the relative strength index period 14 is at 52 levels with the signal lines pointing up to indicate a buy signal.