USD/JPY Retraces on the Downside, Faces Rejection at 111.09
Login

USD/JPY Retraces on the Downside, Faces Rejection at 111.09

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

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.

USD/JPY -Daily Chart

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.

USD/JPY – 4 Hour Chart

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.

You can purchase crypto coins here: Buy Tokens


Note: Learn2Trade.com 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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News