USD/JPY Is Trading Marginally, May Reach Level 106.50

USD/JPY Is Trading Marginally, May Reach Level 106.50

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. The price action is characterized by small body candlesticks called Doji and Spinning top. These candlesticks indicate that the bulls and bears are indecisive about the direction of the market.

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 51 of the daily Relative Strength Index. This indicates that there is a balance between supply and demand.

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 a 50% Fibonacci retracement level. The Yen will rise and reach a high of 2.0 Fibonacci extension level. In other words, the market will reach a high of level 106.50.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently above the 80% range of the daily stochastic. The Yen is approaching the overbought 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 gradually making an upward move. According to the Fibonacci tool the current price will reach level 2.0 Fibonacci extension level or level 106.50.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.