USD/JPY (a 4-hour chart)
Uncertainty over the timing of next Fed rate-hike and the disappointing U.S statistics weighed on the pair. The dollar got under pressure on Tuesday when the
The pair has been trading in a consolidation range since last Wednesday. Buyers’ attempts to continue an upward movement failed, the price stayed close to the resistance 103.50 during the day. After disappointing U.S statistics the dollar got under pressure and fell to 5-day low. Sellers led the price from 103.50 towards 102.50. The USD/JPY touched the 200-EMA in the 4 hours chart. The 50-EMA broke the 100 and 200 Day EMAs in the mentioned timeframe. All moving averages are turning around. The resistance is at 102.50, the support comes in at 101.40.
MACD formed a divergence in the 1 hour chart. RSI is heading towards the oversold territory.
The market is bearish right now. We see it heading south towards 101.40.