USD/JPY PRICE ANALYSIS: BEARS HOPEFUL WHILE BELOW CRITICAL 104.60 RESISTANCE

  • USD/JPY consolidates in a potential falling wedge on 4H chart.
  • 50, 100-HMAs confluence limits the upside attempts.  
  • Bearish hourly RSI keeps the spot vulnerable.  

USD/JPY is posting small losses around 104.50, looking to extend the previous decline after witnessing good two-way businesses on Monday.

Technically, the major remains vulnerable to further losses as long as it holds below the critical resistance of 104.60, where the 50-four-hour (4H) simple moving average (SMA) coincides with the 100-SMA.

Acceptance above the latter could provide legs to the recovery momentum, with the next upside barrier seen at the bearish 21-SMA of 104.83.

Further north, the buyers will then target the 105.00 level.

On the flip side, a failure to defend the daily lows of 104.42 could expose the falling trendline support at 104.29.

The next downside target is aligned at 104.00, psychological level.

USD/JPY: 4H CHART

USD/JPY: Additional levels



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