USDJPY Price Is Struggling to Break Up $109 Resistance Level

Further increase in the bulls pressure may break up the resistance level of $109 and the daily candle close above the $109 level, it will increase the price to $111 resistance level, and further increase will push price to $113.

Supply levels: $109, $111, $113

Demand levels: $108, $107, $105

USDJPY is ranging on the long-term outlook. The currency pair obeyed the sellers command last week but were unable to break down the support level at $108. The bulls equally attempted breaking up the resistance level at $109 but the level holds the price. The price continue oscillating within the $109 and $108 price levels.

The 9 periods EMA is fairly separated from the 21 periods EMA and the pair is trading over and around the 9 periods EMA and 21 periods EMA indicating a consolidating market. Further increase in the bulls‘ pressure may break up the resistance level of $109 and the daily candle close above the $109 level, it will increase the price to $111 resistance level, and further increase will push price to $113. In case the bulls’ pressure is interrupted by the bears pressure, ranging market may continue or the bearish movement may commence towards the support level at $108, $107 and $105.

USDJPY is on the ranging movement on the 4-hour chart. The bulls‘ pressure is not enough to break up the resistance level at $109. Likewise, the bears’ momentum could not drive the price below the support zone of $108. The price is currently consolidating within $108 and $109 levels.

The price is ranging and trading over and around the 9 periods EMA and the 21periods EMA, the Relative Strength Index period 14 is at 50 levels with the signal line pointing up to indicate a buy signal.

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