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Key Support Levels: 104.000, 103.000, 102.000
USD/JPY Price Long-term Trend: Ranging
Since in April, the Yen has been in a sideways move. The price has been fluctuating between 106.000 and 109.000 in the last one month. The market is currently trading at level 106.728 at the time of writing. From the price action, the market is indicating a bearish signal. The market is likely to fall. The price action is characterized by small body indecisive candlesticks.
Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways move. The Yen is currently fallen to level 40 of the daily Relative Strength Index. The pair is still in the downtrend zone and below the centerline 50. It is likely to further depreciate.
USD/JPY Medium-term Trend: Ranging
On the 4-hour chart, the pair is in a sideways trend between 107 and 109. The price breaks below the lower price range as the pair is approaching the low of level 106.000. The Yen is currently consolidating with small body indecision candlesticks above level 106.000. The price is showing a bearish signal.
4-hour Chart Indicators Reading
The pair is above 20% range of the daily stochastic. This indicates that the market is in bullish momentum. The price action is indicating bearish momentum. The SMAs are also sloping horizontally indicating the sideways trend.
General Outlook for USD/JPY
The USD/JPY pair is in a sideways trend. The price is also consolidating above level 106.000 since April 28. The small body candlesticks are indicating the indecision between the bulls and the bears. The market fluctuation will continue for a couple of days.
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