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USDJPY : Signaling a Bearish Trend

(USDJPY : 4 Hour Chart)

USDJPY continues to decline today breaking the rising support trend line. The next support level the pair may find is at 101.41. The 100 day SMA on the chart is contracting towards the 50 day SMA showing a bearish movement. The investors are now waiting for the FOMC meeting minutes releasing tomorrow at 2:00 PM EDT for the guidance of monetary policy and the timing of increase in interest rates. Fed is expected to reflect the dovish tone as before.

(USDJPY : Daily Chart)

On the daily chart, the pair seems like trading within a descending triangle which also gives a bearish signal. The pair might break the support at 101.23 and continue to decline finding the next support at 100.75.