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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
USD/JPY is in an upward move. On March 31st, the uptrend reached the high of level 111.00 and was repelled. The pair fell to level 108.00 and resumed an upward move. The Yen price is making a series of higher highs and higher lows. The uptrend will resume if price breaks above level 110.00.
Daily Chart Indicators Reading:
The Yen is at level 54 of the Relative Strength Index period 14. It implies that the Yen is in the uptrend zone. The 21-day and 50-day SMAs are sloping upward. The currency price has broken above the SMAs. The pair will rise if the bullish momentum is sustained.
USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in a sideways trend below 110.00. The bulls tested the resistance at level 110.00 and were repelled twice. The currency pair is in a side move below the resistance at level 110.00. The upward move has resumed as price breaks above SMAs.
4-hour Chart Indicators Reading
USD/JPY pair is above the 50% range of the daily stochastic. It indicates that the pair is now in the overbought region of the market. Sellers are likely to emerge. The 21-day and 50-day SMAs are sloping upward indicating an uptrend.
General Outlook for USD/JPY
USD/JPY is in an uptrend and has broken above the moving averages. The Yen is likely to rise as it is above the SMAs. The current upward move is facing resistance at level 109.68.
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