USD/JPY Retests Level 105.40, May Decline to Level 104.10

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 currently in a downward move. The pair retested level 106.00 to resume a downward move. The selling pressure is likely to continue as price breaks below the Simple Moving Averages.

Daily Chart Indicators Reading:

The 50-day SMA and 21-day SMA are sloping downward indicating the downtrend. The Yen is currently at level 45 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: Bearish
On the 4-hour chart, the pair is in a downward move. The pair also tested level 105.40 and resumed the downward move. On October 14 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The Yen is likely to further decline to the 2.618 Fibonacci extension level. That is level 104.10.

4-hour Chart Indicators Reading

The market is currently below the 50% range of the daily stochastic. It indicates that the coin is in bearish momentum. The SMAs are also sloping downward indicating the present downtrend.

General Outlook for USD/JPY
USD/JPY is in a downward move. According to the Fibonacci tool analysis, the pair will fall and reach the 2.618 Fibonacci extension level. That is the market will reach the low of level 104.10.


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