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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
Today, the Yen has rebounded above level 108.80 to retest the resistance at level 109.80. The pair will resume an uptrend once the resistance at level 109.80 is breached. On May 3 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates the Yen will rise to level 2.0 Fibonacci extension or level 111.87.
Daily Chart Indicators Reading:
The pair has risen to level 60 of the Relative Strength Index period 14. This implies it has room to rally on the upside. 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 move below the resistance at level 109.800. Since May 3, buyers have been retesting the resistance zone to break the resistance. Today, buyers are retesting the resistance level. The uptrend will continue on the upside if the bulls are successful. Otherwise, the range-bound move will continue below the resistance.
4-hour Chart Indicators Reading
USD/JPY pair is above the 80% range of the daily stochastic. It indicates that the pair has reached the overbought region of the market. Sellers are likely to emerge. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways move.
General Outlook for USD/JPY
USD/JPY has resumed an upward move to retest the resistance at level 109.80. The current uptrend is likely to face resistance as the market reaches the overbought region. Nonetheless, if the bulls break the resistance, USD/JPY will rally to level 111.87.
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