USD/JPY (a 4-hour chart)
The yen was unstable on Wednesday and fell against the dollar when the risk aversion returned to the market. Traders will keep a close eye on news flow surrounding the expected additional fiscal stimulus.
The pair consolidated after the recent rally. The USD/JPY remained in a low side channel limited by 104.00 and 104.90.
MACD is in the positive area. The MACD remained at the same level which confirmed uncertainty in the market. RSI is in the overbought area. If its signal line decreases that will be a buy signal.
The pair is at the 200-EMA which acts as a support. The 50-EMA and the 100-EMA are below the price and are turning upwards.
We suppose the pair will consolidate around the level of 104.50. We do not exclude the growth to 105.30.