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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 pair has resumed an upward move. The uptrend is ongoing. On January 11 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the USD/JPY will rise and reach level 1.618 Fibonacci extensions or the high of level 105.47.
Daily Chart Indicators Reading:
Presently, the SMAs are sloping southward indicating the sideways move. The index is at level 52 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 3-hour chart, the pair is in an upward move. On January 21 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 2.0 Fibonacci extension level or level 103.99.
3-hour Chart Indicators Reading
The USD/JPY pair is currently above the 79% 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 has continued to rise. The RSI is at level 52 which implies that the Yen has enough room to rally on the upside. From the price action, the market is expected to reach level 105.49.
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