USD/JPY Retraces and Finds Support Above Level 104.58

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 reached the target price and was rejected. The price retraced to the low at level 104.62. The current support appears to be holding as there is the presence of bullish signals. The market is expected to move up.

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index is at level 54 of the Relative Strength Index period 14. This indicates that the pair is now in the uptrend zone and above the centerline 50.

USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move after rejection at level 105.76. On February 5 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the Yen will fall to level 2.618 Fibonacci extensions or level 104.58.

4-hour Chart Indicators Reading
The USD/JPY pair is currently below the 20% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The Yen has fallen but may resume upward.

General Outlook for USD/JPY
USD/JPY uptrend has been terminated as the Yen was rejected at level 104.76. In the same vein, the pair retraced to level 104.58, and may resume upward if the current level holds. Presently, there are bullish signals above the current support.



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