USD/Jpy Is in a Strong Downward Move, May Retest Level 103.16

USD/Jpy Is in a Strong Downward Move, May Retest Level 103.16

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 has been in a downward move. The Yen has fallen to level 104.39 but the selling pressure is likely to continue. The bears have tested level 104.00 twice. The downtrend will resume if the bears break that level.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. The pair has fallen to level 38 of the Relative Strength Index period 14. This indicates that it is in the downtrend zone and below the centerline 50. Besides, it is approaching the oversold region of the market.


USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The Yen fell to level 104.20, then retested level 104.60 and resumed the downtrend. On the October 22 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. This indicates that the Yen will fall and reach the level 2.0 Fibonacci extension level. That is the Yen will reach a level of 103.16.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently below the 80% range of the daily stochastic. It indicates that the pair is in bearish momentum. The SMAs are sloping downward indicating the downtrend.

General Outlook for USD/JPY
USD/JPY is in a downward move. According to the Fibonacci tool analysis, the pair will fall and reach the level 2.0 Fibonacci extension level. That is the Yen will reach level 103.16.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.