USD/JPY Resumes Upward, May Revisit Level 105.70

USD/JPY Resumes Upward, May Revisit Level 105.70

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Ranging
The USD/JPY pair is currently rising and the pair is yet to trend. The price is rising to level 106.0 where it was previously rejected. Buyers have not broken this level since September.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping downward indicating the downtrend. The Yen is currently at level 49 of the daily Relative Strength Index. This indicates that the market is in the downtrend zone and below the centerline 50.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is rising. On October 19 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The Yen is likely to further rise to the 1.272 Fibonacci extension level. That is level 105.70. The price will reverse at level 105.70.

4-hour Chart Indicators Reading
The market is currently above the 80% range of the daily stochastic. It indicates that the coin is in bullish momentum and it is approaching the oversold region. The SMAs are also sloping upward indicating the present uptrend.

USD/JPY – 4 Hour Chart

General Outlook for USD/JPY
USD/JPY is in an upward move. According to the Fibonacci tool analysis, the pair will rise and reach the 1.272 Fibonacci extension level. That is the market will reach the high of level 105.10.


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.