pair bounced slightly during the course of the day on Wednesday, using the 104.29 level as support. At this point in time, the market is looking bearish
. The primary trend of USD/JPY
on charts and price is trading below its support trend line
in its 1 hourly chart. In its 1 hourly chart the price is sustaining below 200 day SMA
that are appears on the above image indicating downtrend of the pair.
104.90 and Support level
If it breaks its support level
on the downside and sustains below it then we can expect it to show further bearish
movement in the pair.
is sustaining in its negative territory indicating the bearish trend
in the pair.
is sustaining in its selling zone indicating the upcoming negative trend in the pair.
is looking bearish
on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.