USD/JPY Exhausts Selling Pressure, Upward Move Likely


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 is on a downward move. A green candle body tested a 50% Fibonacci retracement level. The Yen will fall and reach a low of 2.0 Fibonacci extension level. In other words, the downtrend will extend to the low of level 103.12.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping horizontally indicating a sideways move. The Yen is currently at level 40 of the daily Relative Strength Index. This indicates that the market is in the downtrend zone and below the centerline 50.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is facing rejection at level 106.50. The pair is on a downward move. The Yen retested level 105.80 and resumed the downward move. The price has fallen to the oversold region. The market may likely rise.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The Yen is currently below the 20% range of daily stochastic. It is in a bearish momentum and approaching the oversold region of the market. The SMAs are sloping sideways indicating the uptrend.

General Outlook for USD/JPY
The USD/JPY pair is now in a downward move. According to the Fibonacci tool, the Yen will fall and reach level 2.0 Fibonacci extension level. Nevertheless, the Yen has reached the oversold region and may likely rise.

Note: 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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.