USD/JPY Resumes Uptrend, Faces Resistance at level108.000

USD/JPY Resumes Uptrend, Faces Resistance at level108.000

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 trading in a sideways trend. The price is fluctuating between levels 108.000 and 110.000. Today, the Yen is testing the lower price range to break above it. The index will be in the range-bound zone if price breaks above level 108.000. Otherwise, the market will continue its sideways move below level 108.000.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways move. The Yen is currently at level 55 of the daily Relative Strength Index. The Japanese Yen is still in the uptrend zone and above the centerline 50. The market is rising to break above the lower price range.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a descending channel. Today, price is rising after breaking the resistance line. As price breaks the resistance and closes above it, it indicates a change in trend. It is currently approaching level108.000. The upward move is being resisted at level 108.000. The price may fall and resume the upward move.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above 80% range of the daily stochastic. The stochastic bands are making U-turn downward indicating that sellers may emerge. The SMAs are also sloping upward indicating the upward move.

General Outlook for USD/JPY
The USD/JPY pair is making an upward move. The Yen is currently facing resistance at level 108.000. A break above level 108.000 will accelerate the upward move to level 109.000.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.