USD/JPY (a 4-hour chart)
Haruhiko Kuroda confirmed on Wednesday that the regulator was ready to ease its policy if necessary.
After a recovery during the Asian hours the USD/JPY stabilized around 103.50 on Wednesday. The physiological 104.00 level turned out to be a tough nut to crack. There have been two attempts to break it and both of them failed. The pair remained above the 50, 100 and 200 EMAs in the 4 hours chart. The moving averages slowed down their growth, staying around the 102.50 region. The resistance can be found at 104.00, the support comes in at 103.00.
MACD is in the positive area. The histogram grew which indicates the buyers’ strength. The RSI oscillator moved upwards.
Bulls still plan to retake the 104.00 level. A clear break above the level will send the USD/JPY pair towards the September high at 104.30. Alternatively, a move below 103.50 shall weaken buyers’ positions. The pair will decline towards the mark 102.80.