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USDJPY : Signaling a Bearish Move

(USDJPY : 4 Hour Chart)

US dollar is trading lower today against its major counterparts. One of the pair of US dollar, USDJPY also showed some movement. On the 4 hour chart, the pair broke down below the key support level at 102.23. The next support the pair may find is at 101.92 or 101.70. The 100 day SMA just crossed above 200 day SMA signaling that the pair will find support at 101.94 and rise.102.23 will be acting as resistance for the pair.

(USDJPY : Daily Chart)

On the daily chart, the pair seems like trading within a symmetrical triangle and the pair should find support from the rising support trend line. Seems like the pair is consolidating ahead of the Retail Sales Data and Unemployment Claims Data of US. It will continue to move within this triangle until the data comes out tomorrow at 8:30 AM EDT. The pair will break out or break down depending on the data. However the bias is towards the break down as both 50 day and 100 day are moving downward showing less confidence among investors towards US dollar.