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Key Resistance Levels: 111.00, 112.00, 113.00
Key Support Levels: 104.00, 103.00, 102.00
USD/JPY Price Long-term Trend: Ranging
The pair is currently on a downward move after testing level 108.00. A correction candle body tested 0.786 Fibonacci retracement level. It indicates that the market will fall and reach level 1.272 extension level. At level 1.272 Fibonacci extension level, the market will reverse, but the reversal will not be immediate.
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 42 of the daily Relative Strength Index. The Japanese Yen is still in the uptrend zone and below the centerline 50. The bears are still in charge of the market.
USD/JPY Medium-term Trend: Bearish
The USD/JPY pair is in a descending channel. The Yen is on a downward move after rejection at level 108. The price fell and found support above level 107.50. The bears have broken the current support as the selling pressure persists.
4-hour Chart Indicators Reading
The pair is below 20% range of the daily stochastic. It implies that the market has fallen into the oversold region. In essence, the appearance of buyers may emerge in due course. The SMAs are also sloping downward. It indicates the downtrend.
General Outlook for USD/JPY
The Japanese Yen is currently in a downward move after breaking level 107.50. According to the Fibonacci tool, the downtrend will extend to level 1.272 extension level. In other words, the market will reach a low of level 106.00.
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