USD/JPY Is in a Sideways Trend, Targets Level 106.04

USD/JPY Is in a Sideways Trend, Targets Level 106.04

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. On September 21, the Yen fell to level 104 and resumed upward. The price is facing resistance at the 105.00 price level.

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 43 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: Bullish
On the 4-hour chart, the pair is in a sideways move. Today, the market is moving upward. A red candle body tested 78.6% Fibonacci retracement level. The Yen will rise and reach a high of 1.272 Fibonacci extension level. In other words, the market will reach a high of level 106.04.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently above the 25% range of the daily stochastic. It indicates that the coin is in bullish momentum. The SMAs are also sloping horizontally indicating the sideways trend.


General Outlook for USD/JPY
USD/JPY is in a sideways move. The Yen has fallen to level 104.94. It is unclear if selling pressure will continue. According to the Fibonacci tool analysis, the pair will rise and reach a 1.272 Fibonacci extension level or level 106.04


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

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Author : Azeez Mustapha

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