USD/JPY Reaches Bearish Exhaustion, May Reach the Low of 103.37

USD/JPY Reaches Bearish Exhaustion, May Reach the Low of 103.37

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 falling from level 105.50. On November 19 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Yen will fall and reach level 1.618 Fibonacci retracement. That is the low of level 102.47.

USD/JPY – Daily Chart

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 42 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 in a downward move and has reached bearish exhaustion. On December 3, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Yen will fall and reverse at level 1.272 Fibonacci retracement level. That is at the low of 103.37, the Yen is likely to reverse.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the 20% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The SMAs are sloping downward indicating the downtrend.

General Outlook for USD/JPY
The USD/JPY pair is reaching bearish exhaustion. The Fibonacci tool has indicated a reversal of the pair at level 1.272 Fibonacci extension. That is at level 103.37.



Note: Learn2Trade.com 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
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • 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
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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.