USDJPY Price Is Heading Towards $119 Level

The USDJPY price has been headed towards the $119 level since December. The crypto markets are finally recovering, and there is a lot of anticipation for this market to see how it would be affected by any potential BTC/USD shorts or futures contracts.

The “usd to jpy” is a currency that is in the midst of a bearish trend. The USDJPY price has been heading towards $119 level, which will be reached by December 2018.

March 16th USDJPY Price Analysis

Increased bullish pressure might break over the $119 barrier level, allowing the price to rise to $120 and $121 levels. If the bulls are interrupted at $119, the USDJPY may go below the $117 support level, and if the daily candle closes below it, the price would fall to the $116 and $115 support levels.

USDJPY Exchange Rates

Levels of importance:

$119, $120, $121 are the resistance levels.

Levels of support: 117, $116, and $115

Long-term USDJPY Trend: Bullish

The USDJPY is on a bullish trend. The bulls finally triumphed over the bears at $116, which had previously served as opposition. The currency pair has been fluctuating between $116 and $114 for the last two weeks. The bulls increased their pressure and smashed over the $116 barrier mark. More bullish pressure pushed the price higher, and the $117 milestone was breached on the upside. The price is presently aiming for the $119 resistance level.

Daily chart of the USDJPY for the 16th of March

The fast moving EMA is above the slow moving EMA. USDJPY is trading above the 9 periods EMA and 21 periods EMA as a sign of an increase in bulls’ momentum. Increased bullish pressure might break over the $119 barrier level, allowing the price to rise to $120 and $121 levels. If the bulls are interrupted at $119, the USDJPY may go below the $117 support level, and if the daily candle closes below it, the price would fall to the $116 and $115 support levels.

Bullish USDJPY Medium-Term Trend

On the 4-hour chart, the USDJPY is in a bullish trend. During the previous two weeks of range activity, the bears were unable to break through the $114 support level. The bulls won out over the bears, and there was a breakthrough at the $116 resistance level, sending the price soaring towards the $119 barrier level.

March 16th, USDJPY 4-hour chart

The price is trading above the 9-period and 21-period exponential moving averages, and the Relative Strength Index period 14 is at 74, with the signal line indicating a positive price trend.