USD/JPY (a 4-hour chart)
The USD/JPY pair was able to partly recover on Friday when a renewed risk-off wave hit the American and European stocks.
The pair continued to stay in negative ground, trading around Thursday’s lows on Friday. USD/JPY presented a modest bearish tone as the price got under selling pressure on any up-move above 103.00. USD bulls encountered resistance around 103.20 where the 200-EMA lies. The 200-EMA rejected all bulls’ attempts to develop a recovery, holding prices under pressure. The 50 and 100 EMAs accelerated their decline, while the 200-EMA presented a modestly bearish slope. The resistance can be found at 103.50, the support comes in at 103.00.
Technical indicators are now giving weak bearish signals. MACD grew which indicates the sellers’ positions weakening. The RSI indicator continues consolidating within undervalued levels.
If the pair manages to consolidate above 103.00 the next target for this pair is the resistance level of 103.50. A daily close below the level might force the USD/JPY to resume its downward trajectory.