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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 108.500. Presently, it is in a tight range between levels 106 and 108. The market has been fluctuating within the tight range. The price is consolidating after falling from the resistance at level 108.
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: Ranging
The USD/JPY pair is trading in a sideways market. The market is fluctuating between levels 106.400 and 108. The pair was recently repelled at the minor resistance at level 107.800. The price is approaching that level.
4-hour Chart Indicators Reading
The pair is above 25% range of the daily stochastic. It implies that the market is in a bullish market. This confirms the price action which indicates a bullish signal. The SMAs are also sloping sideways. It indicates the sideways trend.
General Outlook for USD/JPY
The Japanese Yen is currently in a sideways move. After falling to the low of level 107.280, it has resumed an upward move. It is approaching the resistance at level 107.800.
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