USD/JPY Faces Rejection at Level 109.50, May Resume an Uptrend

18 March 2021 | Updated: 18 March 2021

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
The USD/JPY has continued its upward move. The pair is rising to retest or break level 109.00. The uptrend will resume if level 109.50 is breached. On March 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.272 Fibonacci extensions or level 109.73.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 72 of the Relative Strength Index period 14. This indicates that the pair is now in the uptrend zone and above the centerline 50. The Yen is in the overbought region of the market. The upward move is doubtful as price reaches the overbought region.

USD/JPY Medium-term Trend: Ranging
On the 4-hour chart, the pair is fluctuating between levels 109.00 and 109.50. On March 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.272 Fibonacci extensions or level 109.92. The Yen is likely to rise but will reverse at level 109.92.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the 40% range of the daily stochastic. It indicates that the pair is in the bullish momentum. The SMAs are sloping upward indicating an uptrend.

General Outlook for USD/JPY
The Yen upward move is facing resistance at level 109.50 since March 8. If the current resistance is breached, the price will rally to level 110.0. Meanwhile, the Fibonacci tool has indicated a possible rise and reversal at level 109.92.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.