USD/JPY Is in a Brief Rally, but It Is Trading Below Level 105.00

29 January 2021 | Updated: 29 January 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
For the past three days, the USD/JPY is in a brief rally. The pair rebounded above level 103.57 and it approaching level 105.00. The upward move is facing rejection at level 104.94. It is doubtful if the rally will continue on the upside.

USD/JPY – 4 Hour Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping southward indicating the downtrend. The index is at level 64 of the Relative Strength Index period 14. This indicates that the pair has not enough room to rally on the upside. The Yen will soon reach the overbought region of the market.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. The uptrend has reached the overbought region of the market. On January 29 trend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.272 Fibonacci extension or level 105.15.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the 80% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The Yen is trading now in the overbought region

General Outlook for USD/JPY
USD/JPY has been rising for the past three days. The pair has reached the overbought region of the market. However, the RSI is at level 64. The market upward move is doubtful. The Fibonacci tool has indicated a reversal at level 1.272 or level 105.15

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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.