USD/JPY Consolidates Above Level 106.000, Uptrend Uncertain

USD/JPY Consolidates Above Level 106.000, Uptrend Uncertain

Key Resistance Levels: 111.000, 112.000, 113.000
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.

USD/JPY – Daily Chart

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.

USD/JPY – 4 Hour Chart

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.

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 results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 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
Share with other traders!