USD/JPY Reaches Level 106, Upward Move Likely

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
USD/JPY pair is currently in a sideways move between the levels 110 and 106. Recently price fell to level 106.573 and commenced an upward move. Since April 1, the upper and lower price ranges are yet to be broken. The market has continued to fluctuate. An upward move is likely.

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 47 of the daily Relative Strength Index. The Japanese Yen is still in the downtrend zone and above the centerline 50. The market is rising after a downward move.


USD/JPY Medium-term Trend: Bullish
The USD/JPY pair has resumed its upward move. The market fell to the previous support at level 106.500. The support is holding as the market makes an upward move. As the market continues its fluctuations, it is expected to retest level 108.

4-hour Chart Indicators Reading
The pair is above 40% range of the daily stochastic. The Yen is now in a bullish momentum. The SMAs are also sloping upward indicating the upward move. Buyers are emerging as the pair was earlier oversold.

General Outlook for USD/JPY
The Japanese Yen is range-bound since April 1. The price has been fluctuating between level 106 and level 110. Recently, price fell to the lower price range. In the meantime, the market is moving up.



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