USD/JPY Falls to Level 102.50 and Resumes an Uptrend

USD/JPY Falls to Level 102.50 and Resumes an Uptrend

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 is in an upward move. On February 3 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 2.0 Fibonacci extensions or level 108.18.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index is at level 60 of the Relative Strength Index period 14. This indicates that the pair is now in the uptrend zone and above the centerline 50.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. On February 12 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 2.618 Fibonacci extensions or level 105.58.

USD/JPY – 30 Mins Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the 50% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The Yen has fallen but it may resume upward.

General Outlook for USD/JPY
USD/JPY was earlier in a downward move. The price fell to level 102.50 and commenced an upward move. According to the Fibonacci tool, the market will rise to level 1.5.58 and later reach a high a level



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Author : Azeez Mustapha

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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.