USDJPY Price: Bulls Are Exerting Pressure to Break Up $136 Resistance Level (29 June 2022)
USDJPY Price Analysis – June 29
When the bulls increase their pressure, the resistance level of $136 may be broken upside and the price increase to $138 and $140 levels. In case the bears defend the resistance level of $136, the currency pair may experience a bearish reversal and the price may decline towards the support level of $135, $134 and $132 price level.
USDJPY Market
Key levels:
Resistance levels: $136, $138, $140
Support levels: 135, $134, $132
USDJPY Long-term Trend: Bullish
USDJPY is on the bullish movement. The bulls pushed the price to the high of $135 resistance level on June 21. The bulls displayed a sign of weakness as the daily bearish candle formed and the price pulled back and retest dynamic support levels. Bullish momentum increases and more bullish candles were produced. Price is currently targeting $136 level, this will be the second retest.
USDJPY is trading above the 9 periods EMA and 21 periods EMA as a sign of an increase in bulls’ momentum. When the bulls increase their pressure, the resistance level of $136 may be broken upside and the price increase to $138 and $140 levels. In case the bears defend the resistance level of $136, the currency pair may experience a bearish reversal and the price may decline towards the support level of $135, $134 and $132 price level.
USDJPY Medium-term Trend: Bullish
USDJPY is on the bullish movement on the 4-hour chart. The currency pair has being under bullish control for many days. The resistance level of $136 was tested. The price pulled back to retest the broken level. The bulls are overpowering the bears at the moment. The bulls are pushing the price to retest the previous high at $136.
The price is trading above the 9 periods EMA and the 21 periods EMA at close contact. The Relative Strength Index period 14 is at 63 levels with the signal line displaying bullish price direction.
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