USD/JPY Makes a Brief Upward Move, May Reverse at Level 104.85

USD/JPY Makes a Brief Upward Move, May Reverse at Level 104.85

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 January, the market has been in an upward move. On January 11 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Yen will rise and reverse at level 1.272 Fibonacci extensions or the high of level 104.85.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping downward indicating the downtrend. The index is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. . On January 11 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.618 Fibonacci extension level or level 105.49.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the25% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for USD/JPY
The Yen is presently rising on the upside. The Yen has been on a downward move for several weeks. According to the Fibonacci tool, the market will rise and reverse at level 1.272 or 104.85 high

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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.