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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 has been in a downward move since November 12. The Yen has fallen to level 104.49 at the time of writing. The selling pressure may persist as price breaks below the SMAs. The downtrend is likely to extend to level 103.33.
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 45 of the Relative Strength Index period 14. The pair is in the downtrend zone and capable of falling.
USD/JPY Medium-term Trend: Bearish
On the 3-hour chart, the pair has been in a downward move after rejection at 105.00. On November 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that the market will fall to level 1.618 Fibonacci extensions. That is the Yen will reach the low of level 103.65.
4-hour Chart Indicators Reading
The USD/JPY pair is currently below the 25% range of the daily stochastic. It indicates that the pair has fallen into the oversold region of the market. The SMAs are sloping downward indicating the downtrend.
General Outlook for USD/JPY
USD/JPY has been on a downward move. The Yen fell to level 104.49 and it corrected upward to retest level 105.00 before resuming downward. The Yen has broken the current support and may reach the low of level 103.60.
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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