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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 Japanese Yen was in an upward move but unable to break the resistance at level 108. On May 6, the bulls took price to the previous high but found penetration difficult. The market is on a downward move and may reach the low of level 106.
Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways move. The Yen has fallen to level 47 of the daily Relative Strength Index. The Japanese Yen is still in the downtrend zone and below the centerline 50. The market is in a downtrend.
USD/JPY Medium-term Trend: Bearish
The USD/JPY pair is in a bear market. A candle body is testing the 0.382 Fibonacci retracement level. This indicates that the Yen has a target price at extension 1.618 and 2.618. The Japanese Yen will first fall and reverse at the 1.618 extension level. If the selling pressure continues, Yen will reverse at 2.618 extension level.
4-hour Chart Indicators Reading
The pair is below 40% range of the daily stochastic. This implies that the market is in a bearish market. It is approaching the oversold region. The SMAs are also sloping downward indicating the downtrend.
General Outlook for USD/JPY
The Japanese Yen is falling after failing to break the resistance at level 108. The market will fall and reverse at Fibonacci extension level 1.618 or its equivalent at level 107. If the downward move persists, the pair will reverse at level 106.400 or 2.618 Fibonacci extension level.
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