USD/JPY Consolidates Between Levels 105.40 and 105.80

USD/JPY Consolidates Between Levels 105.40 and 105.80

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 106.00 price level. There has been no significant price movement as the market is range-bound.

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 52 of the daily Relative Strength Index. This indicates that the market is in the downtrend zone and above the centerline 50.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a sideways move below the resistance. Today, the market is trading below the resistance. BTC price will fall each time it retest the resistance at $105.80. The direction of the coin is uncertain as the price continues to consolidate.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading

The market is currently below the 80% range of the daily stochastic. It indicates that the coin is in bearish 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 selling pressure will continue. Presently, it is consolidating between levels 105.40 and 105.80.

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Author : Azeez Mustapha


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