USD/JPY – Scope for a deeper retracement

FX:USDJPY   U.S. Dollar / Japanese Yen
Pair’s retreat from the Asian session high of 104.63 to 103.80 marks failure to sustain above September high of 104.32 and suggests the rising trend line from the low of 100.08 has run out of steam and much deeper retracement to sub 103.00 levels is likely especially since we have bearish price RSI divergence on charts.

On the higher side, only a daily close above 104.32 would signal continuation of the rally.
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