USD/JPY Is in a Sideways Move, Struggles To Break Level 109.20

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. Presently, the Yen is facing resistance at level 109.20. Since March 8, the pair has been fluctuating below the resistance. The uptrend will resume if the resistance 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 110.35. The pair is likely to reverse at the overbought region.

Daily Chart Indicators Reading:
The pair is at level 69 of the Relative Strength Index period 14. The pair is approaching the overbought region of the market. The pair is not likely to rally on the upside. The 21-day SMA and 50-day SMA are sloping northward indicating the uptrend.


USD/JPY Medium-term Trend: Ranging
On the 4-hour chart, the pair has been in a sideways move since March 8. The bulls are yet to break the resistance at level 109.20. Today, the Yen is rising as price breaks above the level 108.80. The market is rising to retest the recent resistance level. A break above the resistance will signal the resumption of the uptrend. The pair has risen to level 108.95.

4-hour Chart Indicators Reading
USD/JPY pair is above the 79% range of the daily stochastic. It indicates that the pair is in the bullish momentum. It is approaching the overbought region of the market. The SMAs are sloping upward indicating an uptrend.

General Outlook for USD/JPY
The Yen has been trading below level 109.20. The pair has made over four unsuccessful attempts to break the recent high. Presently, the market is rising to revisit the previous highs. Unfortunately, the pair upward move is doubtful as the price indicators have indicated an overbought condition.


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