USD/JPY (a 4-hour chart)
The yen strengthened against the US dollar on the back of the weaker-than-expected Chinese data.
The USD/JPY remained in a short-term ascending channel. The price retreated from the new weekly high and returned below 104.00. The downward pressure faded at 103.50 where the price turned around and was able to reverse some of its losses. The USD/JPY returned to 104.00 trying to regain the level. The price remained above the moving averages in the 4 hours chart. The 50, 100 and 200 maintained their bullish slope. The resistance can be found at 104.00, the support comes in at 103.00.
MACD is in the positive area. The histogram decreased which indicates the buyers’ positions weakening. RSI is heading south.
If the resistance around 104.00 holds, then a move down to 103.00 is possible.