Investors bought the yen amid the uncertainty regarding the referendum in the UK. The fact that the Fed did not change the rates supported the yen as well.
The pair remained under pressure. The dollar tried to grow during the day still the upcoming Fed meeting pressured it. The pair USD/JPY could recover to 106.40 where it turned down and decreased. The pair broke the level 106.00 on its way. The price remained in a side channel. The resistance is at 106.00, the support is at 105.30.
We received a sell signal from MACD. The indicator decreased. RSI is close the oversold level of 30. Shall RSI return to the oversold area and we will get another sell signal. Alternatively, if it grows it will give an opposite signal. The pair USD/JPY is below the Moving Averages (50, 100 and 200) on the 4 hour chart. The Moving Averages are directed downwards. The pair is on the year lows on the daily chart.
The pressure is preserved. We expect a further decline towards 104.50.