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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 June. Today, the market has fallen to level 103.30. The current price level is falling after being rejected at level 103.80.
Daily Chart Indicators Reading:
Presently, the SMAs are sloping downward indicating the downtrend. The index is at level 39 of the Relative Strength Index period 14. This indicates that it is in the downtrend zone and below the centerline 50. The pair is capable of further downward movement.
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 38.2% Fibonacci retracement level. The retracement indicates that the Yen will decline to level 2.618 Fibonacci retracement level. That is falling to level 101.19.
4-hour Chart Indicators Reading
The USD/JPY pair is currently below the 20% range of the daily stochastic. It indicates that the pair is in bearish momentum. The Yen has fallen into the oversold region of the market.
The SMAs are sloping downward indicating the downtrend.
General Outlook for USD/JPY
The Yen’s downward move has been consistent. The pair has fallen to the oversold region of the market. There is a likelihood of the downtrend coming to an end. Though, the Fibonacci tool has indicated the pair falling to level 101.19.
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