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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
The USD/JPY pair is currently in a downward move. Since June the pair had been in a downtrend. On October 21, the Yen has broken down to the low at level 104.34. The price corrected upward and resumed a sideways move. The downtrend has reached bearish exhaustion.
Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping downward indicating the downtrend. The Yen is currently at level 40 of the daily Relative Strength Index. This indicates that the market is in the downtrend zone and below the centerline 50.
USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. On October 21 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the Yen will fall and reverse at level 1.272 Fibonacci retracement level. That is at level 104.56, Yen will reverse.
4-hour Chart Indicators Reading
The market is currently below the 25% range of the daily stochastic. It indicates that the coin is in bearish momentum. The SMAs are also sloping horizontally indicating the sideways trend.
General Outlook for USD/JPY
USD/JPY has been in a downward move. The selling pressure has reached bearish exhaustion. According to the Fibonacci tool, the Yen will fall and reverse at level 104.56.
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