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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: Bearish
USD/JPY has continued its downward move. The Yen price is making a series of lower highs and lower lows. The downtrend is likely to extend to level 107.36. Meanwhile, on July 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Yen will fall to level 2.0 Fibonacci extension or level 107.36.
Daily Chart Indicators Reading:
USD/JPY is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen is in a downward move. The Yen has reached the overbought region. This will result in another selling pressure. Meanwhile, on July 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement. The retracement indicates that the Yen will fall to level 2.0 Fibonacci extension or level 107.39.
4-hour Chart Indicators Reading
USD/JPY pair is above the 80% range of the daily stochastic. The Yen has reached the overbought region of the market. It indicates that the pair is in bullish momentum. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.
General Outlook for USD/JPY
USD/JPY is falling after rejection from level 111.00. The downtrend will continue as price reaches the overbought region of the market. According to the Fibonacci tool, the market will decline to level 2.0 Fibonacci extension or level 107.36.
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