USD/JPY (a 4-hour chart)
The yen strengthened amid risk aversion following the collapse of the pound. The weak NFP report weighed on the dollar and supported the yen.
After refreshing the weekly high the pair was in a neutral phase during the day. The dollar almost reached the September high at 104.30, the price stopped a few pips below it. The USD/JPY pair traded within 50-pips range consolidation ahead of the U.S Non Farm Payrolls report. The dollar weakened after the report, the USD/JPY retreated from the recent highs and moved lower. The price broke the level 103.50 and moved towards 102.50. The 50, 100 and 200 EMAs slowed down their growth. The moving averages are turning downwards. The resistance can be found at 103.50, the support comes in at 102.50.
MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator moved downwards.
The current recovery is a profit taking from bulls after one week growth. Should the price consolidate below 103.50 the pair may decline to 102.50.