USD/JPY Resumes Downward After Retesting Level 103.60

USD/JPY Resumes Downward After Retesting Level 103.60

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. On November 23, a retraced candle tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair the Yen is likely to fall and reach level 1.618 Fibonacci extension level. That is the high of level 102.42.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping downward indicating the downtrend. The index is at level 38 of the Relative Strength Index period 14. This indicates that it 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 December 15 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Yen will decline to level 1.618 Fibonacci retracement level. That is at the low of 102.71.

USD/JPY – Daily Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the 50% range of the daily stochastic. It indicates that the pair is in bullish momentum. The SMAs are sloping downward indicating the downtrend.

General Outlook for USD/JPY
The Yen 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 or 102.71.



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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.