USD/JPY Sustains Recent Rallies, Faces Rejection atlevel 111.00

USD/JPY Sustains Recent Rallies, Faces Rejection atlevel 111.00

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. The currency price is making a series of higher highs and higher lows. On June 17 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that the Yen will rise to level 1.618 Fibonacci extension or level 111.76. The Yen has risen and it is approaching the high of level 110.86.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
USD/JPY is at level 63 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 23 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 111.50.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
USD/JPY pair is below the 80% range of the daily stochastic. It indicates that the pair is in a bearish momentum. 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 currency pair is yet to break the resistance at level 111.00. The market is declining after the rejection at the 111.00 resistance zone. According to the Fibonacci tool, the Yen will reverse at level 1.272 Fibonacci extension or level 111.50.


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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.