USD/JPY Fluctuates in a Range, Targets Level 106.000

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
The Yen is currently on a downward move. The Yen is making a retest at level 107.222. The downtrend will resume. The green correction candle body tested the 0.786 retracement level. It indicates that the Yen will fall to a low of 1.272 extension level. After reaching the target price, the market will reverse. However, the reverse will not be immediate.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward. The market is now in a downtrend. The pair has fallen to level 44 of the Relative Strength Index. It indicates that Yen is in the downtrend zone and likely to fall.

USD/JPY Medium-term Trend: Bearish
The USD/JPY pair is currently on a descending channel. At the initial stage, the Yen moves up to retest 26-day SMA and it is now making a downward. The Japanese Yen will fall if resisted by the 26-day EMA. The market will fall and reach a low of level 106.000.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The SMAs are also sloping downward. It indicates that the market is in a downtrend. The Yen is above 70% range of daily stochastic. It indicates that the market is approaching the overbought region. The price action is indicating a bearish signal.

General Outlook for USD/JPY
The pair is in a downtrend but price moves up to retest level 107.22 and it is making a downward move. The Yen will reach the low of level 106.000 if the selling pressure resumes.


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