The USDJPY currency pair on the 4 Hours Chart has been in a downtrend since 9 July 2019 when it registered the high price at 108.992. Subsequently, the price displayed a series of lower tops and lower bottoms. On 14 July 2019, the USDJPY currency pair recorded the low price of 107.800. Applying Oscillator Analysis on the price chart, one can notice that price is trading below the SMA 60 period Moving Average line, a fact that confirms the downward direction of USDJPY currency pair. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values below the fifty line which indicates negative sentiment. All three technical indicators are in agreement for the downward bias of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 107.396 (161.8%). The second price target is seen at 106.645 (261.8%). The third price target is projected at 105.430 (423.6%). The USDJPY currency pair is currently trading below the downtrend line. Of course, supply and demand as well as the crowd sentiment will determine the course of USDJPY currency pair. Though the market is currently following the counter trend direction, this might just be a correction, as long-term trend remains bearish.