USD/JPY Is an Uptrend as the Pair Battles the Resistance at 106.00

USD/JPY Is an Uptrend as the Pair Battles the Resistance at 106.00

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

USD/JPY Price Long-term Trend: Bearish
The USD/JPY pair is currently in a upward move. Presently, the bulls have been attempting to break level 107.00 to no avail. Today, the bulls are attempting to break the resistance at $106.00. The Yen is currently rising.

USD/JPY = Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping downward indicating a previous downtrend. The Yen is currently at level 54 of the daily Relative Strength Index. This indicates that the market is in the uptrend zone and above the centerline 50.


USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. Today, the market is moving upward. On October 7 uptrend; the Yen was resisted at level 106.10. The retraced red candle body tested the 61.8% Fibonacci retracement level. This indicates that the Yen is likely to rise to level 1.618 Fibonacci extension or level 106.50.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently below the 40% range of the daily stochastic. It indicates that the coin is in bearish momentum. The SMAs are also sloping upward indicating the present uptrend.

General Outlook for USD/JPY
USD/JPY is in an upward move but it is currently battling the resistance at level 106.00. The Yen is rising to retest the resistance at level 106.00. According to the Fibonacci tool analysis, the pair will rise and reach 1.618 Fibonacci extension level or level 106.50.



Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.