USD/JPY (a 4-hour chart)
The yen fell amid stimulus package details. BoJ plans to implement a package of 28 trillion yen to boost the economy up.
The dollar reversed some of its losses during the Wednesday trades. Buyers led the price from the mark 103.94 to 106.56. The bulls failed to regain the 106.00 level and the price returned below of it. The pair closed bearish yesterday. The resistance is at 105.30, the support comes in at 104.50.
MACD remained in the negative territory. MACD grew which indicates the sellers’ positions weakening. RSI returned to the oversold area which is a sell signal.
The instrument tested the 50-EMA in the 4 hours chart. The moving averages (50, 100 and 200) are changing their upward direction to the downward one.
The tone is still negative in the market. The USD/JPY pair needs to break the level 104.50 to resume a downward momentum towards 103.50.