USDJPY had a growth yesterday following the growth of US stock market but the decline started again this morning. National CPI, Unemployment Rate and Industrial Production were released in Japan.
USDJPY is falling down within the descendant channel. There is a strong support on 104.100 and the resistance line is on 104.700. They are both below the weekly pivot point at 104.930. The indicators are showing mixed signals. Stochastic and ADX are showing downward momentum while MACD and RSI are bullish.
While considering pullbacks, buyers can expect the price to hit the upper Bollinger band at 104.750.