USD/JPY Drops to Level 105.23 and Resumes Upward Move

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

USD/JPY Price Long-term Trend: Ranging
The USD/JPY pair is currently in a sideways move. Since July the Yen has been trading between levels 105.00 and 107.00. Presently, the pair is rising to level 107. In the last two months, the key levels of the market are yet to be broken.

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 49 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: Ranging
On the 4-hour chart, the pair is in a sideways move. Today, the market is moving upward. A red candle body tested 0.382 Fibonacci retracement level. The Yen will rise and reach a high of 2.618 Fibonacci extension level. In other words, the market will reach a high of level 107.72.

4-hour Chart Indicators Reading
The market is currently above the 25% range of the daily stochastic. Buyers are emerging from the oversold region of the market. It is showing a bullish signal. The SMAs are also sloping in a sideways move.


General Outlook for USD/JPY
USD/JPY is in a sideways move. The Yen is currently rising to the upper price range. According to the Fibonacci tool, the pair will rise and reach a 2.618 extension level or level 107.72.


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