USD/JPY Retests Level 106.00, May Resume Selling Pressure

Key Resistance Levels: 111.00, 112.00, 113.00
Key Support Levels: 104.00, 103.00, 102.00

USD/JPY Price Long-term Trend: Bearish
USD/JPY is in a downward move. The pair faces rejection at level 107.00. The Yen fell to level 105.283 and corrected upward. A green candle body tested 0.618 Fibonacci retracement level. The Yen will fall and reach a low of 1.618 Fibonacci extension level. In other words, the Yen will reach a low of 104.20.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward indicating a downtrend. The Yen is currently at level 46 of the daily Relative Strength Index. The Yen is in the downtrend zone and below the centerline 50.

USD/JPY Medium-term Trend: Ranging
The USD/JPY pair is in a sideways move. Price retested level 107.00 and plunged to level 105.00. The market is consolidating above level 105.00.

4-hour Chart Indicators Reading
The pair is below 50% range of the daily stochastic. The Yen is approaching the oversold region of the market. The pair is in a strong bearish momentum. The SMAs are also sloping horizontally. The market is currently facing rejection at level 106.00.

General Outlook for USD/JPY
The Japanese Yen is falling after rejection from level 107.00. Presently, the Yen is fluctuating between levels 105.00 and 107.00. According to the Fibonacci tool, the selling pressure will continue to level 104.20.

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