- USD/JPY turns lower on the second day of the week.
- The level to beat for bears is the 106.50 support.
USD/JPY daily chart
USD/JPY broke to fresh April lows (at 106.56) this Tuesday as the spot trades below the main SMAs on the daily time frame.
USD/JPY four-hour chart
USD/JPY is trading below the main SMAs on the four-hour chart suggesting a bearish bias in the medium term. Although the momentum is slow the spot has been consistently losing steam since mid-March. Sellers would be looking for a break below the 106.50 support en route towards the 106.00 and 105.00 levels. On the flip side, USD/JPY is expected to meet resistance near 107.00 and 108.00 resistances.
Additional key levels