USD/JPY in a Downtrend but May Retest Level 108

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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 pair is currently in a sideways move between the levels of 110 and 108. The Yen has already fallen to level 106 in a bear market and has resumed an upward move. The pair is currently facing resistance at level 108 for the past three days. On the upside, if the bulls break the current resistance, the uptrend will resume.

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 51 of the daily Relative Strength Index. The Japanese Yen is still in the uptrend zone and above the centerline 50. The bulls are still in charge of the market.

USD/JPY Medium-term Trend: Bullish
The USD/JPY pair is trading in a bear market. From the price action, the bear market reversed at level 106 and has made an upward move. However, from the Fibonacci tool, the Japanese Yen was calculated to reverse at the 1.618 extension level which is level 105.500. The Fibonacci calculation was based on the candle body testing the 0.618 retracement level. Meanwhile, the Yen has made an upward move, and price is making a series of higher highs and higher lows. We expect the market to make higher highs.

4-hour Chart Indicators Reading
The pair is below 50% range of the daily stochastic. This implies that the market is in a bearish market. This is in agreement with the price action which is indicating bearish signals. The SMAs are sloping upward indicating the upward move.

General Outlook for USD/JPY
The Japanese Yen is currently in an upward move. The uptrend is being interrupted at level 108 that was the reason for the downward move. After the resistance on May 19, the market is trading below it. The current downtrend will be exhausted as bullish signals are indicated.


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