USD/JPY Consolidates Sideways in the Middle Structure of Price Range

USD/JPY Consolidates Sideways in the Middle Structure of Price Range

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

USD/JPY Price Long-term Trend: Ranging
The pair is currently in a sideways trend between levels106.00 and 108.00. The Yen is consolidating in the middle of the price range. There is no indication of its upward or downward movement of price. The price tends to consolidate far away from the key levels.

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 at level 49 of the daily Relative Strength Index. The Japanese Yen is still in the downtrend zone and below the centerline 50.

USD/JPY Medium-term Trend: Ranging
The USD/JPY pair is in a horizontal channel. The price is fluctuating between levels 106.00 and 108.00. Presently, the key levels are yet to be broken since June. The price has been consolidating in the middle of the price range. Today, Yen is in the middle of price range, trading at 107.24.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above 70% range of the daily stochastic. It implies that the market is approaching the overbought region. The Yen will fall if it reaches the overbought region. The SMAs are also sloping sideways. It indicates the sideways trend.

General Outlook for USD/JPY
The Japanese Yen has risen to the overbought region at level 107.24 and it is presently falling. The pair has been falling and rising in the middle structure of price range. This has been the price scenario in the last one month.


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