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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 pair is currently in an upward move. A red candle body tested 0.618 Fibonacci retracement level. The Yen will rise and reach a high of 1.618 Fibonacci extension level. The price is breaking above the SMAs. The pair will have an accelerated movement if price is above the EMAs. The market is expected to reach a high of level 108.00.
Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping horizontally indicating a sideways move. The Yen is currently at level 53 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 a bullish trend. A bullish trend line is drawn showing the support levels of the market. The uptrend will be terminated if price breaks below the trend line. An upward move is likely as price is above the SMAs.
4-hour Chart Indicators Reading
The market is currently above the 66% range of daily stochastic. The pair is rising and approaching the overbought region of the market. The SMAs are sloping upward indicating the uptrend.
General Outlook for USD/JPY
The USD/JPY pair has resumed an upward move. The market is expecting to reach 1.618 Fibonacci extension level or level 108.00.
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