USD/JPY is trading lower today with current market price 106.60 amid the rising scandal between the Prime minister Abe and the Financial Minister Taro Aso regarding the sale of a state owned property on unfair low price. This issue obviously supported the Japanese Yen and during the early trading hours the pair marked daily low at 106.35 and as seen now it very far from this point.
Technically speaking the short term outlook for the pair remain neutral to bearish. On the four hour time frame the price is developing along with the flat 100-day SMA while the 200-day SMA is showing bearish slope and is providing dynamical resistance at 107.60. The 20-day SMA has started to turn north, offering first support at 106.35, where the price bottomed today. RSI is located directionless around its 60, while stochastic displays strong bearish momentum.
If closing below the daily low the pair would be poised to extend its decline
towards the horizontal support at 106.00. Looking to the upside, bulls are thrilled
first by the resistance at 107.10 and higher at 107.60.
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