USD/JPY Resumes Downward Move, Retests Level 107.500


Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bearish
The USD/JPY was earlier in an uptrend as it reached the high of level 109.85. The price action is indicating a bearish signal. A correction candle body tested the 0.786 retracement level while in a downtrend. It indicates that the market will fall and reach a low of 1.272 Fibonacci extension level.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally. It implies that the pair is in a sideways move. The Yen is currently falling to level 47 of the daily Relative Strength Index. It has fallen to the downtrend zone and it is below the centerline 50.

USD/JPY Medium-term Trend: Bearish
The USD/JPY pair is in a descending channel. The price retested the level 107.500 resistance and resumed a downward move. The price is breaking below the EMAs; a breakdown below the EMAs will ensure a downward movement of prices.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The Yen is below 80% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day EMA and the 50-day EMA are sloping downward. It indicates that the market is in a downward move.

General Outlook for USD/JPY
The Japanese Yen is making a downward move after retesting level 107.500. According to the Fibonacci tool, the market will drop and reach the low of level 1.272 extension level. In other words, Yen will reach a low of level 105.640.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.