USD/JPY Breaks above Level 111.00, Reaches Overbought Region

USD/JPY Breaks above Level 111.00, Reaches Overbought Region

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bullish
USD/JPY is in an upward move. Buyers have sustained recent rallies as the market reaches the overbought region. On June 23 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that the Yen will rise to level 1.618 Fibonacci extension or level 111.92. The Yen has risen and it is approaching the high of level 111.626.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
USD/JPY is at level 68 of the Relative Strength Index period 14. It implies that the Yen is in the uptrend zone and it is approaching the overbought region. The 21-day and 50-day SMAs are sloping upward. The currency price bars are above the SMAs which indicates bullish momentum.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in an upward move. According to the Fibonacci tool, the Yen will reverse at level 1.272 Fibonacci extension or level 111.50. The pair has broken above the previous resistance and resumed upward. On June 23 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that the Yen will rise to level 1.618 Fibonacci extension or level 111.92. The Yen has risen and it is approaching the high of level 111.626.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
USD/JPY pair is above the 80% range of the daily stochastic. It indicates that the pair is in the overbought region of the market. Sellers will emerge in the overbought region to push prices down. The 21-day and 50-day SMAs are sloping upward indicating an uptrend.

General Outlook for USD/JPY
The Yen has been in an upward move. Presently, it has reached the overbought region of the market. According to the Fibonacci tool, USD/JPY the Yen will rise to level 1.618 Fibonacci extension or level 111.92.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.