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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
USD/JPY is in a sideways trend as prices make a downward move. The price is falling and approaching the low of level 106.18. At this low, the Japanese Yen is expected to rise. This is because the market has been fluctuating between level 106.05 and 108.00 since May.
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 40 of the daily Relative Strength Index. The Japanese Yen is still in the downtrend zone and below the centerline 50.
USD/JPY Medium-term Trend: Ranging
The USD/JPY pair is in a sideways move. The Yen is falling now from the sideways move as it breaks below levels 107.00 and 106.50. If the selling pressure persists the pair will reach the previous low of 106.00. At the low of 106.00, the price will move up.
4-hour Chart Indicators Reading
The pair has fallen below 20% range of the daily stochastic. It implies that the market is in the oversold region of the market. Buyers are likely to emerge at the oversold region to push prices upward. The SMAs are also sloping sideways. It indicates the sideways move.
General Outlook for USD/JPY
The Japanese Yen has fallen to the oversold region in a sideways move. Yen is likely will Rise to the previous highs. However, it is uncertain if the price will reach a low of 106.00 before the upward move.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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