USD/JPY Is in an Uptrend, Breaks Above Level 105.00

USD/JPY Is in an Uptrend, Breaks Above Level 105.00

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 rally. On January 11 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates the Yen is likely to rise to level 2.0 Fibonacci extensions. This is the high of level 106.16.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index is at level 67 of the Relative Strength Index period 14. This indicates that the pair has not 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 January 29 trend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 2.0 Fibonacci extension or level 105.44.

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 is facing rejection at level 105.00. The Fibonacci tool has indicated an upward move of the coin as the price may rise to level 105.44.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.