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 pair has continued its upward move but it is currently facing rejection from level 111.00. The pair is retracing and has found support above the 21-day SMA. Meanwhile, on March 31 uptrend; a retraced candlestick tested the 50% Fibonacci retracement level. The retracement implies that the Yen will rise to level 2.0 Fibonacci extension or level 113.49.
Daily Chart Indicators Reading:
The pair has fallen to level 57 of the Relative Strength Index period 14. The pair is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping northward indicating the uptrend.
USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move after rejection from level 111.00. On April 5 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. It indicates that the market will fall to level 2.0 or level 109.17.
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. It also indicates that the market has fallen to the oversold region. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.
General Outlook for USD/JPY
The Yen has been in a downward move. From the price action, the Yen has fallen and it is testing the 2.0 Fibonacci extension or 109.47 low. The pair will resume an uptrend if the current support holds. The market will decline to level 108.40 if the selling pressure persists.
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