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USD/JPY Resumes Uptrend, May Break Level 106.00

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Azeez Mustapha

Updated:

Key Resistance Levels: 111.00, 112.00, 113.00
Key Support Levels: 104.00, 103.00, 102.00

USD/JPY Price Long-term Trend: Ranging
USD/JPY is in a sideways trend. The bulls have been attempting to break above level 106.00 but to no avail. The Yen will rise to level 107.75 if price breaks above level 106.00. In the meantime, the market is still consolidating below the resistance.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping sideways indicating the sideways trend. The Yen is currently at level 46 of the daily Relative Strength Index. The Yen is in the downtrend zone and below the centerline.

USD/JPY Medium-term Trend: Bullish
The USD/JPY pair is in an upward move. The market is likely to rise as it is above the EMAs. In the August 2 uptrend, A red candle body tested 0.618 Fibonacci retracement level. This candle body indicates that the market will rise to 1.618 Fibonacci extension level. That is, the Yen will reach level 107.75 high.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is below 80% range of the daily stochastic. The price is in bearish momentum. The SMAs are also sloping horizontally. It indicates the sideways move.

General Outlook for USD/JPY
The Japanese Yen is still in a sideways trend but the price is attempting to resume upward move. According to the Fibonacci tool, the market will rise to level 107.75 high, when price breaks the current resistance.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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