USD/JPY Falls to Previous Low at Level 109.60, Uptrend Likely
Login

USD/JPY Falls to Previous Low at Level 109.60, Uptrend Likely

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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. Since March 29, the Yen has been struggling to break above level 111.00. On March 29, the bulls tested level 111.00 but were repelled as the pair fell to level 109.60. The pair has resumed a fresh uptrend but struggles above the current support. On March 29 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 116.04.

USD/JPY – Weekly Chart

Daily Chart Indicators Reading:
USD/JPY is at level 57 of the Relative Strength Index period 14. It implies that the Yen is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping upward. The currency price bars are above the SMAs which indicate bullish momentum.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in an upward move. Presently, the pair has retraced and found support above level 109.60. The Yen will resume upward if the current support holds. Meanwhile 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 111.97.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
USD/JPY pair is above the 25% range of the daily stochastic. It indicates that the pair is in bullish momentum. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.

General Outlook for USD/JPY
The Yen is recovering after falling to level 109.60 low. The uptrend will resume if the current support holds. However, the selling pressure will resume, if the current support is breached.

You can purchase crypto coins here: Buy Tokens

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News