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USDJPY : Might Continue to Follow Downtrend in Short Term, Seems Supported in Long Term

USDJPY : Daily Chart

USDJPY found support today after the upbeat jobless claims data which declined to lowest level since April 2000. Earlier the pair was extending losses because of the series of missed US data released yesterday. On the daily chart, it found support at 105.17 however seems like the 50 day SMA is acting as resistance right now as it is preventing the pair in surging further. There is another rising support trend line which will prevent the pair in declining further so it seems supported.

USDJPY : 4 Hour Chart

On the 4 hour chart, the pair seems like facing resistance from the falling resistance trend line. So the bearish trend will only reverse when the pair would be able to cross above this resistance trend line. If it declines below the support at 105.17 it should find the next support at 104.26. The 50 day SMA contracting towards the 200 day SMA is signaling that the pair will continue to follow the downtrend.