- USD / JPY consolidates into a potential falling wedge on the 4H chart.
- The confluence of the 50-100 mobile half hour (HMA) limits upload attempts.
- The hourly RSI remains bearish making the pair vulnerable.
The USD/JPY is recording small losses around 104.50, looking to extend the previous drop after witnessing good trading in the markets on Monday.
Technically, the through remains vulnerable to further losses as long as it remains below the critical resistance of 104.60, where the 4-hour 50 Simple Moving Average (SMA) coincides with the 100 SMA.
Acceptance above the latter could fuel recovery momentum, and the next bullish barrier would be seen at the bearish 21 SMA of 104.83.
A little higher, buyers will head to the level of 105.00.
On the other hand, if the daily minimums of 104.42, Support for the downtrend line at 104.29 could be exposed.
The next downside target is aligned at 104.00, psychological level.
USD / JPY: 4-hour chart
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