USDJPY Price May Reverse at Significant Level of $134 – Cryptovibes.com – Daily Cryptocurrency and FX News

USDJPY Price Analysis – June 08

. In case the resistance level of $134 is defended by the bears, the price may reverse and trend down towards the support level of $133, $131 and $129. Ability to break up the resistance level of $134 by the bulls will propel the price to $135 and $136 levels.

USDJPY Market

Key levels:

Resistance levels: $134, $135, $136

Support levels: $133, $131, 129

USDJPY Long-term Trend: Bullish

USDJPY is bullish on the daily chart. The momentum of the bulls became stronger last week after the USA Non-farm pay roll news. US Dollar gains strength and it propelled the price to increase and broke up the former resistance levels of $131 and $133. The bullish momentum has pushed the price to test a significant level of $134 which is the high of January 2002. There is tendency for the price to reverse at the mark.

The price is trading above the 9 periods EMA and 21 periods EMA at a distance as an indication of strong bullish trend while fast period EMA is above the slow period EMA as an evidence of uptrend. In case the resistance level of $134 is defended by the bears, the price may reverse and trend down towards the support level of $133, $131 and $129. Ability to break up the resistance level of $134 by the bulls will propel the price to $135 and $136 levels.

USDJPY Medium-term Trend: Bullish

USDJPY is on the bullish movement on the 4-hour chart. The bulls interrupted the direction of double top chart pattern formed last week. The price could not decline further after the formation of strong bullish engulfing candle that formed at $131 resistance level last week. USDJPY increases and tests $134 price level.

The price has penetrated the fast Moving Average and it is trading above the 9 periods EMA and 21 periods EMA at distance. The Relative Strength Index period 14 is at 80 levels with the signal line bending up to indicate buy signal.