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USDJPY : Still Seems Supported, No sign of Bearishness

USDJPY : 4 Hour Chart

Today Bank of Japan left its monetary policy unchanged pulling US dollar down against Japanese Yen. Earlier the pair was rallying in response to a series of positive U.S. data. On the 4 hour chart, the pair was trading above the key support at 101.75. The geopolitical tensions also giving support to the Safe haven currency yen adding losses to the pair USDJPY. During the Asian session the pair declined and found support at 101.58. However it again rose from this support towards the previous territory in which it was trading. Now the pair is again testing the previous support at 101.99. Also seems like 100 day SMA is acting as resistance for the pair currently. If it continues to rise it might break this resistance and find the next resistance at 102.20. However if it again move down it will again test the support at 101.58.

USDJPY : Daily Chart

On the daily chart, it seems like there is a rising support trend line on the chart and the pair might decline till that level and rise. So there is no bearish confirmation right now and the pair still seems supported.