USD/JPY Is Making a Series of Lower Highs and Lower Lows, May Reach Level 102.39

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bullish
The USD/JPY pair has been in a downward move since June. The price has been making a series of lower highs and lower lows. On November 18, downtrend, a retraced candlestick tested the 61.8% Fibonacci retracement level. It indicates the Yen will further decline to level 1.618 Fibonacci extensions. That is the low of 102.39.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. The pair has fallen to level 45 of the Relative Strength Index period 14. This indicates that the Yen is in the downtrend and below the centerline 50.

USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. On November 27 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that the Yen will fall at the level 1.618 Fibonacci retracement level. In other words, the pair will reach level 103.67.

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the 80% range of the daily stochastic. It indicates that the pair is in bullish momentum and it is trading in the overbought region of the market. The SMAs are sloping downward indicating the downtrend.

General Outlook for USD/JPY
Presently, USD/JPY is making lower highs and lower lows. Presently, it is in a downward move. According to the Fibonacci tool analysis, the Yen will fall to level 1.618 or level 103.67.



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