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USDJPY : Falls Attempt Above 104.12, Is Bullish Trend Fading Away?

USDJPY : 4 Hour Chart

USDJPY was trading within a rising channel on the 4 hour chart until the pair broke down from the rising support trend line of the channel. The nearest support pair may find is at 103.71. Although the pair broke down from the support trend line but it does not give any bearish confirmation right now. There is now major event in US today except one event Crude Oil Inventories. Also there are no Japanese economic releases. We might see some strength in Japanese Yen if the Japanese Inflation data posts positive numbers tomorrow.

USDJPY : Daily Chart

On the daily chart, the pair continues to trade within the range of 104.12 and 103.71. On the stochastic oscillator the %K line has crossed above the %D line and currently in the overbought zone which is signaling that the pair might continue to decline below the support at 103.71. If the pair continues to decline the next nearest support it may find is at 103.05. There is a rising support trend line which will prevent the pair to decline further if the pair breaks below the key support at 103.57. The trend overall seems uptrend as there seems an uptrend channel and the pair is currently near the resistance trend line of the channel.