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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
USD/JPY is in an upward move. Since April 26, the Yen price has been making a series of higher highs and higher lows. Today, the Yen is retracing after reaching a higher high of level 111.00. Incidentally, the bulls have failed to break the resistance at level 111.00 since March. On March 31st, the Yen was resisted at level 111.00 and it fell to level 107.90. Today, the pair is reversing after testing level 111.00.
Daily Chart Indicators Reading:
The Yen is at level 58 of the Relative Strength Index period 14. It implies that the Yen is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping upward. The currency price has broken above the SMAs. The pair will rise if the bullish momentum is sustained.
USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in an upward move. On June 17 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.272 Fibonacci extension and reverse. That is at level 111.09.
4-hour Chart Indicators Reading
USD/JPY pair is below the 20% range of the daily stochastic. It indicates that the pair is now in the oversold region of the market. Buyers are likely to emerge. The 21-day and 50-day SMAs are sloping upward indicating an uptrend.
General Outlook for USD/JPY
USD/JPY is in an uptrend. The uptrend is facing rejection at level 111.00. The uptrend will resume if the resistance at level 111.00 is breached. The market will decline if the bulls fail to breach the resistance at level 111.00.
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