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USD/JPY recovered some ground and currently is trading around 112.20, but keeping levels below the short-term ascendant channel formed by 111.62 and the trend line that marks base figures around 112.40. On the four hour time frame the price is developing below its 100-day and 200-day SMAs, while technical indicators have settled within negative areas and confirming that the risk towards downsides is still actual. Breaking the 111.60 level would be good reason for further declines with next bearish target at 110.37.
On the four hout time frame the USD/JPY pair remans limited on the upside, as the 100-day SMA is heading towards south, while technical indicators are hovering around their midlines with no directional strength. The top of the week at 111.89 comes as immediate resistance as the pair also has the above mentioned 100-day SMA around it. Given this positive tone of equities, a steeper decline would seem unlikely today and moreover if the bulls keep above the 112.10/20 price area.
USD/JPY remains on negative ground, despite the limited downward potential. On the four hour time frame the price is developing below a congestion of moving averages, all of them lacking of clear direction. RSI and stochastic are located within bearish territory. Currently the pair is trading around around 112.60 and in order to return to the bullish mode, will need to surpass the weekly highs below 112.90. On the other hand, a renewed selling interest below 111.85 would open doors for a further decline toward the 111.00 area.
Having the intraday technical readings, the USD/JPY pair favors a downward extension. On the four hour time frame the price is developing well below its 100-day and 200-day SMAs, with both crossing each other. RSI and stochastic are heading very strong towards south. We may expect further declines , espacially if breaking below the 111.62 level.