USD/JPY Faces Rejection at Level 104.60, a Downward 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: Bullish
The USD/JPY pair has been in a downward move since June. The market is moving up as the level 103.88 support holds. Presently, there is selling pressure above level 104.60 as each upward move is being rejected.

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 48 of the Relative Strength Index period 14. This indicates that the Yen is in the downtrend and below the centerline.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is making an upward move. On November 24 uptrend, a retraced candle body tested the 61/.8% Fibonacci retracement level. The retracement indicates that the Yen will fall and reverse at level 1.618 Fibonacci retracement level. That is high if level 105.25.

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

General Outlook for USD/JPY
Presently, USD/JPY is making lower highs and lower lows. The present upward move is being resisted at level104.60. The downward move may follow if the selling pressure persists



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