USD/JPY Reaches Level 104.73, May Resume Upward Move

USD/JPY Reaches Level 104.73, May Resume Upward Move

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. The bear trend has been reversed. On October 14 downtrend; the retraced candle body tested the 78.6 % Fibonacci retracement level. This indicates that the market will reach level 1.272 and reversed. That is the low of level 104.73.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. The pair has fallen to level 43 of the Relative Strength Index period 14. This indicates that it is in the downtrend zone and below the centerline 50. Besides, the Yen is out of the oversold region of the market.


USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair has resumed upward move. On October 29 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This indicates that the pair is rising to level 2.0 Fibonacci extensions. That is the high of level 105.40.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently below the 80% range of the daily stochastic. It indicates that the pair is in bearish momentum which is contrary to the price action. The SMAs are sloping upward indicating the uptrend.

General Outlook for USD/JPY
USD/JPY is in an uptrend. According to the Fibonacci tool analysis, the pair will rise and reach level 2.0 Fibonacci extension level. That is the Yen will reach level 105.16.



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.