USD/JPY (a 4-hour chart)
The yen grew on the back of stronger Machinery Orders report. Domestic Corporate Goods Price Index decreased in the country. Investors are looking for new hints regarding the Fed rate hike in coming months.
The price retreated from the previous week’s top and got under selling pressure. The pair is trending lower through the 102.50 mark. The immediate low is at 101.70. The price broke the 50, 100 and 200 EMAs in the 4 hours chart. The moving averages are neutral. The resistance is at 102.50, the support comes in at 101.40.
MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI is neutral.
The loss of the 102.50 level is now pointing to a further period of downside to come. The price may fall further to 101.40 and 101.20.