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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.
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.
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.
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