USD/JPY Resumes Downward Move, May Revisit Level 104.30


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 fluctuating between level 105.00 and 107.00. The price is falling after being resisted at the 50-day SMA. The downward move is likely to continue to level 105.00. Since August 1, the bears have not been able to break below level 105.00.

USD/JPY – Daily Chart

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 47 of the daily Relative Strength Index. This indicates that the market is in the uptrend zone and below the centerline 50.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is facing rejection at level 106.50. On the August 28 downtrend, a green candle body tested 0.618 Fibonacci retracement level. The Yen will fall and reach a low of 1.618 Fibonacci extension level. The Yen will reach the low of level 104.30

4-hour Chart Indicators Reading
The Yen is currently below the 20% range of daily stochastic. It is in a bearish momentum and approaching the oversold region of the market. The SMAs are sloping sideways indicating the uptrend.

USD/JPY – 4 Hour Chart

General Outlook for USD/JPY
The USD/JPY pair is now in a downward move. According to the Fibonacci tool, the Yen will fall and reach level 1.618 Fibonacci extension level. That is, the pair will reach level 104.30.

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Azeez Mustapha

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.