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USDJPY : Heading Towards Negative Territory

(USDJPY : 4 Hour Chart)

Yesterday I wrote in my blog about the downfall in USDJPY and the correlation of US treasury yields with USDJPY in my blog. USDJPY continues to decline and has now fallen below 50 day SMA which gives a bearish move. However losses seems limited to me here as if we see in the stochastic oscillator the pair is in the oversold zone. 101.64 was acting as a support for the pair and may now act as resistance for the pair. Today is also an important day for US key data (GDP & Unemployment Claims at 8:30 AM EDT, Pending Home Sales at 10:00 AM EDT). Although economy is showing some growth but if the data comes out to be weaker than expected we can expect the pair to continue this decline. The nearest support level the pair will find is at  101.29.