USD/JPY Resumes an Uptrend, May Face Rejection at Level 110.00

11 March 2021 | Updated: 11 March 2021

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 has continued its upward move. On March 8, the pair retested level 109.00 and was resisted. The price fell and resumed upward. On March 9 uptrend; a retraced candle body tested the 88.6% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.1129 Fibonacci extensions or level 109.69 .

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 77 of the Relative Strength Index period 14. This indicates that the pair is now in the uptrend zone and above the centerline 50. The Yen is in the overbought region of the market. Sellers may emerge at the overbought region.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. The first uptrend of March 8 was repelled at level 109.00 resistance zone. The pair dropped to level 108.41 and made an upward correction. The Yen is moving upward after the second rejection.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the 25% range of the daily stochastic. It indicates that the pair is in the bullish momentum. The SMAs are sloping upward indicating an uptrend.

General Outlook for USD/JPY
The Yen is on an uptrend but will soon reach bullish exhaustion. The pair is facing rejection at level 109.00 as the market reaches the overbought region. The Fibonacci tool has indicated that the Yen will rise to level 1.1129 Fibonacci extension or level 109.69.

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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.