USD/JPY Resumes Uptrend at the Low of 105.23

13 October 2020 | Updated: 13 October 2020

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 an upward move. Presently, the pair is falling after facing rejection at level 106.100. Today, the Yen is attempting to resume an upward move. It is currently rising.

USD/YEN – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping downward indicating the downtrend. The Yen is currently at level 46 of the daily Relative Strength Index. This indicates that the market is in the downtrend zone and below 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 78.6%% Fibonacci retracement level. This indicates that the Yen is likely to rise to level 1.272 Fibonacci extension or level 106.27.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently below the 20% range of the daily stochastic. It indicates that the coin is in bearish momentum. The Yen is in the oversold region of the market. Buyers are expected to emerge to push prices upward The SMAs are also sloping upward indicating the present uptrend.

General Outlook for USD/JPY
USD/JPY is in an upward move. According to the Fibonacci tool analysis, the pair will rise and reach 1.272 Fibonacci extension level or level 106.27.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.