USD/JPY Resumes Sideways Move after Failing to Break Above Level 106.00

USD/JPY Resumes Sideways Move after Failing to Break Above Level 106.00

Key Resistance Levels: 111.00, 112.00, 113.00
Key Support Levels: 104.00, 103.00, 102.00

USD/JPY Price Long-term Trend: Ranging
USD/JPY was earlier in a downward move but risen to the range-bound zone. The Yen is facing rejection at level 106.00 as price resumes consolidation below the resistance. The earlier downtrend has been terminated as price resumes sideways move.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping sideways indicating a trend. The Yen is currently at level 41 of the daily Relative Strength Index. The Yen is in the downtrend zone and below the centerline.

USD/JPY Medium-term Trend: Ranging
The USD/JPY pair is in a sideways move below level 106.00. The bulls have made concerted efforts to break above level 106.00. The pair is consolidating above level 105.00 after three unsuccessful attempts to break above level 106.00. The pair has resumed sideways move.

USDjPY – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above 40% range of the daily stochastic. The pair is in a bullish momentum . The SMAs are also sloping horizontally. It indicates the sideways move.

General Outlook for USD/JPY
The Japanese Yen is still in a sideways trend. The market is not trending as it continues to fluctuate above level 105.00. However, if price breaks above level 106.00, there is a likely tendency to revisit the previous highs.

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