USD/JPY Is Range-Bound between Levels 106.800 and 107.400


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 still range-bound between levels106.800 and 107.400. The Yen is consolidating in the middle of the price range. The price is trading below the moving averages. There is the tendency of price falling from the recent high.

USD/JPY – Daily Chart

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 downtrend zone and below the centerline 50.

USD/JPY Medium-term Trend: Ranging
The USD/JPY pair is in a horizontal channel. The price is fluctuating between levels 106.800 and 107.400. The resistance and support levels have tested twice. Presently, price is approaching the resistance level. A break above the resistance will compel the Yen to resume the uptrend.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above 50% range of the daily stochastic. It implies that the market is in a bullish momentum. The Yen is rising and approaching the resistance line. The SMAs are also sloping sideways. It indicates the sideways move.

General Outlook for USD/JPY
The Japanese Yen has been range-bound since July. The price is yet to break levels 106.800 and 107.400. The Yen will trend when these levels are breached.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.