USD/JPY Is in a Strong Uptrend, Reaches the Overbought Region

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. On February 17 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 2.618 Fibonacci extensions or level 108.18 .

Daily Chart Indicators Reading:
The pair is at level 72 of the Relative Strength Index period 14. This indicates that the pair is now in the uptrend zone and above the centerline 50. The Yen has reached the overbought region of the market. It is doubtful if the pair has enough room to rally on the upside.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. On March 2 uptrend; a retraced candle body tested the 88.6% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.1129 Fibonacci extensions or level 107.18.

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 the overbought region. The SMAs are sloping upward indicating an uptrend.

General Outlook for USD/JPY
The Yen has been in an upward movement since February 22. The pair has been trading in the overbought region for some time. It is unclear if the Yen will continue its upward move. In a trending market, the overbought condition may not hold.


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