USD/JPY found resistance at its 100-4hour moving averages. The USD/JPY reversed its trend from up to down on 4-hour chart. First support lies at 103.85yen; second support is in the area between 103.23yen & 102.85yen and the main support is 102.15yen.
The recent price peak failed to reach the upper boundary of the Bollinger bands which confirms the price weakness. The stochastic indicator and the RSI indicator failed to reach their overbought areas and they are now declining which gives signs of weakness.
On the upside, if the USD/JPY manages to break up its previous peak 104.56yen, it will face next resistance at 104.93yen and the main resistance 105.45yen.
On the upside, if the USD/JPY manages to break up its previous peak 104.56yen, it will face next resistance at 104.93yen and the main resistance 105.45yen.
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