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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
Since May 3, the USD/JPY upward move has been stalled at level 109.80 high. The bulls have not been able to break above the recent high. Consequently, the Yen has fallen twice to level 108.50. Today, the pair is retracing to the previous support. On May 3 uptrend; a retraced candle body tested the 50% Fibonacci retracement. The retracement indicates the Yen will rise to level 2.0 Fibonacci extension or level 111.90.
Daily Chart Indicators Reading:
The Yen is at level 47 of the Relative Strength Index period 14. This implies the market is in the downtrend zone and below the centerline 50. The pair has broken below the 21-day and 50-day SMAs which indicates that the currency will fall.
USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in a sideways move below the resistance at level 109.800. Meanwhile, on April 28 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the market will rise to level 1.618 Fibonacci extension or level 110.05.
4-hour Chart Indicators Reading
USD/JPY pair is below the 40% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways move.
General Outlook for USD/JPY
USD/JPY is in an upward move. The uptrend is facing resistance at level 109.80. The Yen will rally to 111.90 if the current resistance is breached. The sideways move will continue if the resistance at 109.80 remains unbroken.
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