USD/JPY Is in an Upward Move, May Reverse at Level 104.48

USD/JPY Is in an Upward Move, May Reverse at Level 104.48

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bearish
The USD/JPY pair has been in a downward move since June. For the past two days, the Yen has been correcting upward against the downward move. If the Yen breaks the SMAs, the upward move will continue. The uptrend is likely to reach a high of 104.48.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping downward indicating the downtrend. The index is at level 55 of the Relative Strength Index period 14. This indicates that it is in the uptrend zone and above the centerline 50. The pair is likely to further rise.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. On January 8 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 extension level. That is, Yen will rise to level 104.48 and reverse.

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 has reached the overbought region of the market. The SMAs are sloping upward indicating the uptrend.

General Outlook for USD/JPY
The Yen is presently rising on the upside. It has risen to the overbought region. The pair is expected to reach level 104.48 and reverse but the reversal will not be immediate.


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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.