USD/JPY Is in a Sideways Trend, Targets Level 107.500

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 in a sideways trend between levels106 and 108.00. The Yen is rising after reaching the low of 106.636. The upward move is likely to reach  level 108. Since June 10, level 108 has not been broken.

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 49 of the daily Relative Strength Index. The Japanese Yen is still in the uptrend zone and below the centerline 50.

USD/JPY Medium-term Trend: Bullish
The USD/JPY pair is in a descending channel. The price has broken the resistance line to resume an upward move. The Yen will rise and reach a high of level 107.500 and 108. In the meantime, price is approaching the overbought region.

4-hour Chart Indicators Reading
The pair is above 80% range of the daily stochastic. It implies that the market is approaching the overbought region. The Yen will fall if it reaches the overbought region. The SMAs are also sloping upward. It indicates the upward move.

General Outlook for USD/JPY
The Japanese Yen is rising after testing level 106.753. The upward move is likely to face resistance at level 107.500. The pair will rise to level 108, if  the resistance at 107.500 is breached.


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