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Key Support Levels: 104.000, 103.000, 102.000
USD/JPY Price Long-term Trend: Ranging
The Yen currently is in a sideways move in April. It fell to level 108.920 and resumes fluctuations. The bears have been testing level 106.000 to break below it but the support seems to be holding. The pair will rise if the current level 106.000 support holds. On the downside, if the support cracks, the market will fall to level 102.000.
Daily Chart Indicators Reading:
In April, the EMAs are sloping in sideways indicating a 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 center line 50. It is likely to further depreciate.
USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a sideways trend between 107 and 109. The bears have broken the lower price range as price fell to level 106.560. The current level is holding as the market is showing some bullish signals. Traders can initiate a buy order as the market is moving up from the lower price range.
4-hour Chart Indicators Reading
The pair is below 20% range of the daily stochastic. This indicates that price is in the oversold region. It also means that buyers are likely to emerge in the oversold region. The 50-day SMA and 21-day SMA are sloping horizontally indicating the sideways trend.
General Outlook for USD/JPY
The USD/JPY pair has a brief downward movement which causes it to reach the oversold region. For this reason, the market may go up as buyers are likely to emerge. Traders are to initiate long orders if the current support holds.
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
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