USD/JPY Declines After Testing Level 104.30, May Reach the Low of 103.75

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 June. In November, buyers have been attempting to break level 104.30 resistances. Each attempt at the resistance will result in a downward move. Today, the pair has fallen and it is approaching the low of 103.72.

Daily Chart Indicators Reading:

Presently, the SMAs are sloping downward indicating the downtrend. The index is at level 40 of the Relative Strength Index period 14. This indicates that it is in the downtrend zone and belo the centerline 50.

USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. On December 14, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Yen will fall and reverse at level 2.0 Fibonacci retracement level. That is at the low of 102.48

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
The USD/JPY pair is in a downward move. The Fibonacci tool has indicated a further downward movement of the coin. Perhaps the coin will reach the low of level 102.48.



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