USD/JPY Range-Bound Between Levels 108.000 and 110.000

USD/JPY Range-Bound Between Levels 108.000 and 110.000

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 trading in a sideways trend. Presently, the pair is trading between level 108.000 and 110.000. In April, the market fell to a low of 106.000 and rebounded to level 107.769. In the meantime, price is retracing from the recent high of 107.769. The downward move may reach a low of 106.000.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways move. The Yen is currently at level 49 of the daily Relative Strength Index. The pair is still in the downtrend zone and below the centerline 50. After the initial rebound, the market is retracing.

USD/JPY Medium-term Trend: Ranging
On the 4-hour chart, the pair is in a descending channel. On May 6, the market rebounded at the 106.000 and broke through the resistance line. The price reached the recent high above 107.500 and it is currently retracing downward. The downward move may reach a low of 106.925.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above 80% range of the daily stochastic. The Yen is in the overbought region. The stochastic bands are making a U-turn downward indicating that the market is in a bearish momentum. The SMAs are also sloping upward indicating the upward move.

General Outlook for USD/JPY
The USD/JPY pair is in a sideways trend. In April, the market is fluctuating between level 106.000 and 108.000. The price action is characterized by small body candlesticks like Doji like spinning tops which describes the indecision buyers and sellers.

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