The lack of new steps in the monetary policy softening by the Bank of Japan supported the demand for the yen.
The pair remained in a downside channel. The dollar is under pressure. The new local low is at 103.96. The resistance is at 104.50, the support is at 103.50.
MACD decreased, there was a sell signal from the indicator. RSI is in the oversold area. If RSI remains in the oversold area we will get another sell signal. The pair USD/JPY is below the Moving Averages (50, 100 and 200) on the 4 hour chart. The Moving Averages are moving downwards.
The pair is still under pressure. We expect its further decline towards 103.50.