Among this environment the USD/JPY pair is trading lower, having retreated from the early Asian session highs around 112.80 and the price is now hovering around 112.50.
According to the four hour time frame, the short term outlook remains neutral to bearish. The pair found resistance at the 112.80 price area, which is also last Thursday’s high, which makes this level great challenge for the bulls. Currently the price is stuck between its 100-day and 200-day SMAs with first one providing support at 112.40. RSI is around its mid-line but has lost directional strength, while stochastic has turned sharply to south.
The week ahead is offering US macro data and Bank of Japan’s monetary policy decision that will bring fresh directional impetus.
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