The USD/JPY on the 4-hour timeframe has been following a downtrend recently. The price reached the lowest level of period under study at 109.013 on 13 May. The price action in the USD/JPY is mainly driven by the strength in the Japanese Yen.
The 4-hour chart of the USD/JPY confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the USD/JPY. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 110.681. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the USD/JPY confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the USD/JPY. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 110.681. Bulls must break this level in order to regain bullish sentiment in the market.