USD/JPY (a 4-hour chart)
The USD/JPY recovered on the news that the BoJ could interfere. Bedsides, the yen was in demand as stocks were cautious after the recent Fed and BoJ’s statements and preferred safe-assets.
The price traded close to the level 101.40 on Friday. The USD/JPY slightly retreated from the recent high and moved down. The price touched the 50-EMA and bounced from it in the 4 hours chart. The 50, 100 and 200 EMAs maintained their bearish slope. The resistance is at 101.40, the support comes in at 100.40.
MACD decreased which confirms the strength of sellers. RSI is close to the oversold area.
A strong breakdown and close below 100.40 could send prices lower towards 99.50. However, the instrument is oversold and we do not exclude a correction towards 101.40.