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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 was earlier in a sideways trend as prices make a downward move. The price has already broken below the lower price range. The price action is indicating bullish signals as the pair moves up. On the upside, if price breaks above level 106.00, the pair will rise into the previous range.
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 30 of the daily Relative Strength Index. The market is in the downtrend zone as price makes an upward move.
USD/JPY Medium-term Trend: Bearish
The USD/JPY pair is in a descending channel. The market fell to level 105.11 and resumed an upward move. The Japanese Yen has been trading in the oversold region for the past week. The pair has risen to level 105.60 and is expected to reach level 107.00.
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 have already emerged to push prices upward. The SMAs are also sloping downward. It indicates the downward move.
General Outlook for USD/JPY
The Japanese Yen has fallen to the oversold region. The selling pressure has been exhausted as buyers emerged in the oversold region. The price is also approaching the resistance line, a break above the resistance will accelerate price movement on the uupside.
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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