USD/JPY Resumes Uptrend after a Minor Retracement, May Break Level 105.64

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 an uptrend. The Yen is retracing after reaching the high of level 105.64. The retracement will persist if the price breaks below the SMAs. On the other hand, if the price finds support, the uptrend will resume.

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 51 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand.


USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an uptrend. The Yen reached a high of level 105.64 but has retraced to level 104.91. On November 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the market will reach level 1.272 Fibonacci extensions. Perhaps, the market will resume a fresh uptrend.

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the 20% range of the daily stochastic. It indicates that the pair has fallen into the oversold region of the market. The SMAs are sloping upward indicating the uptrend.

General Outlook for USD/JPY
USD/JPY was earlier an uptrend. The Yen may resume the upward move despite the earlier retracement. According to the Fibonacci tool, the retracement is expected to end at a low of 1.272 Fibonacci extensions. That is the market will fall and reverse at level 104.30



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