USD/JPY (a 4-hour chart)
The dollar is strong across the board amid increasing bets that the Fed hike rare in December. However, cautious sentiment around equity market supported the yen, stabilizing the USD/JPY pair.
The USD/JPY pair remained around recent lows. The price found a solid support around 104.00 and spent the day above it. The upward trend remained intact. The price is still in an ascending channel, staying close to its lower limit. The 50-EMA stopped the downward impetus in the 1 hour chart. The 50-EMA is neutral, the 100 and 200 EMAs maintained their bullish slope. The resistance can be found at 104.60, the support comes in at 104.00.
MACD is in the positive area. MACD decreased which indicates the buyers’ positions weakening. RSI is within the neutral area.
If the pair remains in an upward channel the price may reverse its losses and grew to 104.60. A move below 104.00 will signal about buyers’ weakness and may give sellers a chance to move the price lower,