USD/JPY Resumes Uptrend, Targets Level 105.49

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 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 61.8% Fibonacci retracement level. The retracement indicates that the Yen will rise and reverse at level 1.618 Fibonacci extensions or the high of level 105.45.

Daily Chart Indicators Reading:
Presently, the SMAs are sloping horizontally indicating the sideways move. The index is at level 54 of the Relative Strength Index period 14. It indicates that the Yen 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. 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.

4-hour Chart Indicators Reading
The USD/JPY pair is currently above 77% 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
USD/JPY is presently rising on the upside. The Yen has been in a downward move for several weeks. According to the Fibonacci tool, the market will rise and reach level 1.618 Fibonacci extension or the high of 105.49.


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