USD/JPY Consolidates Above Level 107.500, Uptrend Likely

USD/JPY Consolidates Above Level 107.500, Uptrend Likely

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

USD/JPY Price Long-term Trend: Ranging
The Yen fell to level 106 to resume an upward move. The uptrend has been terminated as the market fell to the support of level 107.500. The Yen is making a fresh uptrend to retest the resistance at level 108.000. The current resistance has not been broken since June. The price is consolidating above level 107.500 support.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally. It indicates that the pair is in a sideways move. It has fallen to level 51 of the Relative Strength Index. It indicates that Yen is in the uptrend zone and likely to rise.

USD/JPY Medium-term Trend: Bullish
The USD/JPY pair is currently in an uptrend. The red correction candle body tested the 0.50 retracement level. It indicates that the Yen will rise to a high of 2.0 extension level. However, before reaching the final target, the Yen initial target will be at level 1.618 Fibonacci extension level.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The SMAs are also sloping upward. It indicates that the market is in an uptrend. The Yen is above 25% range of daily stochastic. It indicates that the market is in a bullish momentum. From the price action, the market is consolidating above level 107.500.

General Outlook for USD/JPY
USD/JPY is currently consolidating above level 107.500 for a possible upward move. Presently, the Yen is in the oversold region. It suggests the emergence of buyers. The Fibonacci has indicated an upward movement of the coin to the level 2.0 extension level.

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