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 pair has resumed a downward move after rejection at level 111.00. For the past two weeks, the pair has been failing on the downside. The Yen is likely to find support above level 108.00. If it does, the uptrend will resume. Otherwise, the selling pressure will continue.
Daily Chart Indicators Reading:
The pair has fallen to level 47 of the Relative Strength Index period 14. The Yen is in the downtrend zone and below the centerline 50. It indicates a further downward movement of prices. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen has continued its downward move. The Yen price has broken below moving averages which indicates a further downward move. On April 8 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the market will fall to level 1.618 Fibonacci extension or level 107.80.
4-hour Chart Indicators Reading
USD/JPY pair has fallen below the 20% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The pair has been in the oversold region since April 13. The 21-day and 50-day SMAs are still on a downward move.
General Outlook for USD/JPY
The Yen has been in a downward move. It is approaching a crucial support level which may determine the reversal of the current trend. According to the Fibonacci tool, the market will decline to level 1.618 Fibonacci extension or level 107.80.
You can purchase crypto coins here: Buy Coins
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
- Broker
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
- Zero commissions and no bank fees on transactions
- Around the clock service with support in 14 languages
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus