USDJPY (4H) - medium term bearish bias
While the US dollar is making an attempt at the major daily resistance of 109, the uptrend seems to have lost its momentum. The RSI failed to produce a higher high to reflect the bullish price action. This is a warning sign that buyers have taken profit and become hesitant to commit more chips on the table. The demand zone around the moving averages and 108.20 will be the support levels to see whether the bulls have enough strength to bound back.
Key support: 108.20
Key resistance: 109.00
While the US dollar is making an attempt at the major daily resistance of 109, the uptrend seems to have lost its momentum. The RSI failed to produce a higher high to reflect the bullish price action. This is a warning sign that buyers have taken profit and become hesitant to commit more chips on the table. The demand zone around the moving averages and 108.20 will be the support levels to see whether the bulls have enough strength to bound back.
Key support: 108.20
Key resistance: 109.00