USD/JPYResumes Sideways Move, Faces Rejection at Level 106.50

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 has risen to the range-bound zone. The upward move was resisted at level 108.00. The price is on a sideways move as it fails to break above the recent high. The Yen will resume its sideways trend if it breaks above the current support.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping sideways indicating a previous sideways trend. The Yen is currently at level 42 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. The recent uptrend reached a high of level 106.50. The price retested the resistance twice and resumed consolidation above level 105.50. After retesting the resistance level, price is falling to a lower level. The pair has resumed the sideways trend.

4-hour Chart Indicators Reading
The market has risen above 80% range of the daily stochastic. It implies that the market is in the overbought region of the market. Nevertheless, the bands are sloping horizontally indicating the range-bound movement. The SMAs are also sloping downward. It indicates the downward move.

General Outlook for USD/JPY
The Japanese Yen has gone back to sideways move. The price is fluctuating between levels 105.50 and 106.50. The recent upward move has reached the overbought region. The price may have a downward move.




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