USD/JPY Retraces From Level 111.00, Poises For A Fresh Uptrend

USD/JPY Retraces From Level 111.00, Poises For A Fresh Uptrend

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bearish
The USD/JPY pair has resumed a downward move after rejection at level 111.00. For the past two weeks, the pair has been failing on the downside. The Yen is likely to find support above level 108.00. If it does, the uptrend will resume. Otherwise, the selling pressure will continue.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 47 of the Relative Strength Index period 14. The Yen is in the downtrend zone and below the centerline 50. It indicates a further downward movement of prices. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen has continued its downward move. The Yen price has broken below moving averages which indicates a further downward move. On April 8 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the market will fall to level 1.618 Fibonacci extension or level 107.80.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
USD/JPY pair has fallen below the 20% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The pair has been in the oversold region since April 13. The 21-day and 50-day SMAs are still on a downward move.

General Outlook for USD/JPY
The Yen has been in a downward move. It is approaching a crucial support level which may determine the reversal of the current trend. According to the Fibonacci tool, the market will decline to level 1.618 Fibonacci extension or level 107.80.

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Author : Azeez Mustapha

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