USD/JPY (a 4-hour chart)
The yen grew to the 3-week high when the Japanese Prime Minister approved a fiscal stimulus package.
The price is bearish on intraday charts. The pair has been under pressure since last week. The USD/JPY continued moving lower and formed a lower low at 100.64. The resistance is at 101.40, the support comes in at 100.40.
The indicators MACD and RSI still generate sell signals. MACD decreased which indicates the sellers’ positions strength. RSI entered the oversold area.
The instrument broke the 50, 100 and 200 Day EMAs downwards in the 4 hours chart. The moving averages are heading downwards.
The short term picture is bearish. We believe that this is essentially a “sell only” market at the moment. The nearest sellers' target lies at 100.40. We expect a short-term bullbacks towards 101.40.