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USDJPY : Bearish Trend Remain Intact

USDJPY is heading lower today following the unemployment report from Department of Labor. On the 4 hour chart, the pair declined towards the support at 101.63 and 101.48. The pair however seems bearish as it is facing resistance from the falling resistance trend line. So if the pair continue to face this resistance it might break the support level at 101.48.

The report eased some concern over the strength of the labor market but it seems to me for short term as there is still some slack in the labor market as interpreted from other data like four-week moving average. The report said that the initial job claims decreased by 26000 to 319000 which economists were expecting to decline by 20000 to 325000. The four week moving average which is considered as more accurate measure of labor trends increased by 4500.