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 Yen fell to level 106 to resume an upward move. The pair has risen and it is approaching level 107.672. The Japanese Yen is currently approaching the resistance zone at level 107.700. The market is fluctuating below the resistance. On the upside, a break above the resistance will propel the price to reach the previous highs.
Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward. The market is now in a downtrend. The pair has fallen to level 53 of the Relative Strength Index. It indicates that Yen is in the uptrend zone and likely to rise.
USD/JPY Medium-term Trend: Bullish
The USD/JPY pair is currently in an uptrend. The red correction candle body tested the 0.50 retracement level. It indicates that the Yen will rise to a high of 2.0 extension level. The Yen is currently facing resistance at the level 1.272 extension level.
4-hour Chart Indicators Reading
The SMAs are also sloping upward. It indicates that the market is in an uptrend. The Yen is above 80% range of daily stochastic. It indicates that the market is approaching the overbought region. The price action is indicating a bullish signal.
General Outlook for USD/JPY
USD/JPY is now in an upward move after falling to the low of level 106. The market is currently facing resistance at level 107.700 as the uptrend is being threatened. The price is fluctuating below the current resistance.
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