USD/JPY (a 4-hour chart)
Consumer Confidence in Japan coincided with the forecast. The yen ignored the report and weakened versus the dollar before Trump's conference.
Sellers managed to lead the price lower in the early trades on Tuesday. The price touched the level 115.00 and immediately bounced off it trading with mild bearish bias afterwards. The US dollar spent the first part of the day at 116.00. The ongoing recovery could be attributed to some profit taking from bears amid risk aversion. The price bounced off the 200-EMA in the 4 hours chart. The 200-EMA pointed higher while the 50 and the 100-EMAs were flat. The resistance is highlighted at 116.00, the support comes in at 115.00.
The technical indicators are pointing lower and suggest further easing. The MACD histogram decreased which indicates the sellers’ strength. The RSI was within oversold readings close to the neutral territory.
The technical picture presents a bullish tone. A break above 116.00 suggests further growth towards 117.00. Alternatively, the dollar's inability to recover today could cause a drop towards the 114.00 handle.