USD/JPY Retraces After Rejection From Level 106.00

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 is in an upward move. The uptrend has continued despite a pullback in February. On February 5 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 2.0 Fibonacci extensions or level 108.20 .

Daily Chart Indicators Reading:
The pair is at level 66 of the Relative Strength Index period 14. This indicates that the pair is now in the uptrend zone and above the centerline 50. There are chances of further upward movement of the Yen.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. The Yen fell to level 106.21 and resumed consolidation above it. On February 16 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.618 Fibonacci extensions or level 106.60.

4-hour Chart Indicators Reading
The USD/JPY pair is currently below the 80% range of the daily stochastic. It indicates that the pair is in a bearish momentum because of the earlier price fall. The SMAs are sloping upward indicating an uptrend.

General Outlook for USD/JPY
In February 9, USD/JPY retraced to level 104.49 and resumed a fresh uptrend. The current trend is struggling to break level 106.00. If the current resistance is breached, the pair will rally to the next target price of 108.21.

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