USD/JPY Is In a Sideways Move, Battles Level 111.00

USD/JPY Is In a Sideways Move, Battles Level 111.00

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bullish
USD/JPY is in an upward move. On July 2, the upward move has been terminated at level 111.00. The Yen fell to level 109.60 and resumed upward. In the first rejection in March, the currency pair plunged to level 107.50. In both examples, USD/JPY resumed a fresh uptrend. The upward move is likely if the overhead resistance is breached.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
USD/JPY is at level 47 of the Relative Strength Index period 14. It implies that the Yen is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in a brief downtrend. The pair was rejected and it fell to level 109.70. Meanwhile, on July 6 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement. The retracement indicates that the Yen will fall to level 1.272 Fibonacci extension or level 110.61.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
USD/JPY pair is above the 25% range of the daily stochastic. It indicates that the pair is in bullish momentum. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.

General Outlook for USD/JPY
USD/JPY is in a sideways move below level 111.00. The currency pair has fallen into the oversold region of the market. Buyers are likely to emerge in the oversold region of the market.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.