USD/JPY Breaks Level 106.00, Resumes Downtrend


Key Resistance Levels: 111.00, 112.00, 113.00
Key Support Levels: 104.00, 103.00, 102.00

USD/JPY Price Long-term Trend: Bearish
USD/JPY was earlier in a sideways trend. The price has broken level 106.00 as the Yen resumes a downward move. A green candle body tested a 50% Fibonacci retracement level. It indicates that the Kiwi will fall and reach a low of 2.0 Fibonacci extension level. In other words, the market will reach a low of 102.25. In the meantime, price is falling after retesting level 107.00.

USD/IPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward indicating a downtrend. The Yen is currently at level 41 of the daily Relative Strength Index. It is in the downtrend zone and below the centerline 50.

USD/JPY Medium-term Trend: Bearish
The USD/JPY pair rose to level 107.00 and was resisted. After a retest of the resistance level, the market resumed a downward move. The price has fallen from level 107.00 to level 105.50. The support at 105.60 was the previous support level in August. The downward movement will continue if the price breaks the current support at level 105.50.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is below 20% range of the daily stochastic. The Yen is in the oversold region of the market. The pair is in a strong bearish momentum. The SMAs are also sloping horizontally.

General Outlook for USD/JPY
The Japanese Yen is falling after rejection from level 107.00. The selling pressure has continued as price reaches the low of level 105.50.
According to the Fibonacci tool, the selling pressure will continue to level 102.25.

Note: Learn2.Trade 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 results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.