USD/JPY Resumes Upward After Falling to Level 103.80

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 resumed upward after falling to the low of level 103.80. The Yen is moving up to retest level 105.50. At the high of level 105.50, a downward move will ensue if the resistance remains unbroken. The Yen is fluctuating while in a downward move.

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 50 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 upward move. On November 23 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that the Yen will fall and reverse at level 1.618 Fibonacci retracement level. That the upward move will terminate at level 105.25.

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the 75% range of the daily stochastic. It indicates that the pair is in bullish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for USD/JPY
Presently, USD/JPY is fluctuating upward after a downward move. According to the Fibonacci tool analysis, the Yen will rise to 1.618 or level 103.23.