USDJPY Price: Breaking Down $103.2 Support Level May Push Price to $102.1 Level

USDJPY Price Analysis – December 30

Should the daily bearish candle close below the $103.2 level, bearish trend may continue to $102.1 and $101.0 level. In case the bears’ pressure fails at $103.2, the bulls may wave into the market and push it up to $103.8, $104.6, and $105.

Key levels:

Supply levels: $103.8, $104.6, $105
Demand levels: $103.2, $102.1, $101.0

USDJPY Long-term Trend: Bearish

USDJPY is bearish in the long-term outlook. The bears prevail over the bulls in the course of ranging movement that occurred two weeks ago. The price reached the support level of $103.2 on December 17. The bulls tried to interrupt the bears and the price was pulled back to retest the resistance level of $103.8.

USDJPY daily chart, December 30

Today, another big daily bearish candle emerges and it is breaking the support level of $103.2 at the moment. Should the daily bearish candle close below the $103.2 level, the bearish trend may continue to $102.1 and $101.0 level. In case the bears’ pressure fails at $103.2, the bulls may wave into the market and push it up to $103.8, $104.6, and $105. The relative strength index period 14 is bending down at 40 levels indicating a sell signal.

USDJPY Medium-term Trend: Bearish

USDJPY remains under the control of the bears. The currency pair experienced a fake breakout on December 17 and the bearish pressure could not press the pair further. The bulls interrupted the bearish breakout and it was increased and tested the resistance level of $103.8. The bears equally defend the just mentioned level. More bearish candle was produced and the price is breaking the support level of $103 as at the time of writing this report.

USDJPY 4 hour chart, December 30

USDJPY is trading below the 9 periods EMA and 21 periods EMA and the relative strength index period 14 is displaying a sell signal at 30 levels. Sell order can be placed instantly at $103.26, Profit at $102.16, and Stop Loss at $103.43.