USD/JPY Drops to Level 107.796 as Buyers Emerge

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bearish
The USD/JPY was in an uptrend as it reached the high of level 109.85. The market fell after reaching the upper price range. The Yen fell to level 108.142. The market would have reached bearish exhaustion.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways move. The Yen has currently fallen to level 52 of the daily Relative Strength Index. It is likely to rise and above the centerline 50.


USD/JPY Medium-term Trend: Bullish
The USD/JPY pair is in an upward move. A trend line is drawn showing the support levels of price. The price has fallen into the oversold region. The selling pressure may have been exhausted.

4-hour Chart Indicators Reading
The Yen is below 20% range of the daily stochastic. This implies that the market is in a strong bearish momentum. The market is also in the oversold region. When the pair is oversold buyers are likely to emerge. Buyers have started emerging at the oversold region

General Outlook for USD/JPY
The Japanese Yen is in the oversold region after a downward move. The price is rising as it reaches the high of level 108.170.

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