The dollar rose against the yen, retreating from an almost two-year low reached last Thursday when the Bank of Japan left its monetary policy unchanged. Investors hoped that the Bank would implement additional stimulus.
The pair remained in a downside channel. The dollar is still under pressure. The pair set new local low at 104.00. The resistance is at 104.50, the support is at 103.50.
MACD grew, there was a sell signal from the indicator. RSI is close to the oversold area. If RSI gets into the oversold area we will get a 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. Alternatively we shall see a growth to 106.00.