USD/JPY Is in a Fresh downtrend, Pushes on Downside

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
USD/JPY has continued to fall on the downside. The Yen has fallen to the low of level 109.46 and further downward move is expected. Meanwhile, on July 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Yen will fall to level 2.0 Fibonacci extension or level 107.43.

Daily Chart Indicators Reading:
USD/JPY is at level 42 of the Relative Strength Index period 14. It indicates that the Yen is in the downtrend zone and below the centerline 50. 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 is in a downward move. The Yen fell to level 109.51 and resumed fluctuation between levels 109.51 and 110.50. The selling pressure will resume if price breaks below level 109.51. Meanwhile, on July 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement. The retracement indicates that the Yen will fall to level 2.0 Fibonacci extension or level 107.43.

4-hour Chart Indicators Reading
USD/JPY pair is below the 20% range of the daily stochastic. The Yen has reached the oversold region of the market. It indicates that the pair is in bearish momentum. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.

General Outlook for USD/JPY
USD/JPY is falling but at the point of breaking below level 109.51. The selling pressure will resume if the lower price range is breached.According to the Fibonacci tool, the market will decline to level 2.0 Fibonacci extension or level 107.43.



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