Bulls Are Prevailing Over Bears, Heading Towards $116 Level

The cryptocurrency market is in a bullish position at the moment, according to Bitcoin Monitor. It has been an interesting year for cryptocurrencies with many investors taking cues from Bitcoin and altcoin trading predictions. With such positive forecasts, crypto traders are still optimistic of making gains despite bearish signals coming out of China’s markets where they have recently closed all exchanges due to fears that their value was being undermined by speculation

The “different types of bears” is a term that refers to the different pricing strategies that traders use. Traders often use this strategy when they want to buy or sell an asset at a specific price point.

March 09 USDJPY Price Analysis

If the bulls apply further pressure, the resistance level of $116 might be broken to the upside, allowing the price to rise to $117 and $118. If the bulls are interrupted around $116, USDJPY may go below the $115 support level, and if the daily candle closes below it, the price would fall to $114 and $113 support levels.

USDJPY Exchange Rates

Levels of importance:

$116, $117, $118 are the resistance levels.

Levels of support: 115, $114, and $113

Long-term USDJPY Trend: Bullish

The USDJPY is on a bullish trend. Last week, the currency pair was trading in a range. On the daily chart, it pitted bulls and bears against each other. The bulls have been attempting to break over the $115 barrier level, which they were able to do on March 08. The bullish candle on the daily chart closed above the specified threshold. The price is rapidly approaching the $116 barrier level.

USDJPY is trading above the 9 periods EMA and 21 periods EMA as a sign of an increase in bulls’ momentum. If the bulls apply further pressure, the resistance level of $116 might be broken to the upside, allowing the price to rise to $117 and $118. If the bulls are interrupted around $116, USDJPY may go below the $115 support level, and if the daily candle closes below it, the price would fall to $114 and $113 support levels.

Bullish USDJPY Medium-Term Trend

USDJPY is on the bullish movement on the 4-hour chart. The bulls opposed the price declination at $114 level and the coin increases to $115 level. The former resistance level of $115 is already broken upside and the price is facing the resistance level of $116 at the moment. Bulls are dominating USDJPY Exchange Rates.

The price is trading above the 9-period and 21-period exponential moving averages, with the Relative Strength Index period 14 at 63 levels and the signal line indicating a positive price trend.