USD/JPY Consolidates Above Level 104.00, Resumes 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: Ranging
The USD/JPY pair has been in a downward move. The pair has fallen to level 104.34 and it is correcting upward. A retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the Yen is supposed to reach level 1.618 Fibonacci extension. That price level has been achieved and the market is moving upward.

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 39 of the Relative Strength Index period 14. This indicates that it is in the downtrend zone and below the centerline 50. Besides, it is approaching the oversold region of the market.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. On the October 22 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. This indicates that the Yen will rise and reach the level 2.0 Fibonacci extension level. That is the Yen will reach a high of 105.14.

USD/USD -4 Hour Chart

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

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 2.0 Fibonacci extension level. That is the market will reach a high of level 105.14.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.