USD/JPY (a 4-hour chart)
The USD/JPY erased all its gains and traded at the session lows. Markets doubt now that the Fed will hike the rate in the current year. The yen grew supported by the stocks weakness together with positive Machinery Orders.
The pair faced further downside pressure. Dollar erased all its gains and headed back towards local lows. After reaching the support at 101.00 the pair turned up. The resistance is at 101.40, the support comes in at 100.40.
The indicators headed south. MACD moved into the negative area which point to the strength of sellers. RSI dropped to the oversold area.
The USD/JPY bounced from the 50-EMA and headed away from it in the 4 hours chart. The 50-EMA provides a strong resistance in the 102.00 region. The moving averages (50, 100 and 200) direction is downwards in the mentioned time frame.
The pair is under pressure. The price may grow to the 102.00 region where the 50-EMA lies. In the negative scenario, the price bounces back and falls towards 100.40. In the scenario where buyers take control the USD/JPY grows to 102.50.