USDJPY is reversing slightly higher after the aggressive sell-off in the preceding sessions towards the fresh eight-month low of 103.17.
From the technical viewpoint, the RSI is ticking up in the negative territory, while the MACD posted a bullish crossover with its trigger line below the zero level. The 20- and 40-period simple moving averages (SMAs), though note that the red Kijun-sen line is flat and the blue Tenkan-sen also appears to be flatlining.
If the bulls manage to hold control, then the expectation is for another test near the 23.6% Fibonacci retracement level of the down leg from 106.10 to 103.17 at 103.85, which stands near the 20-period SMA. Such a break would confirm a test of the 104.00 psychological mark and may pave towards the next obstacle at the 38.2% Fibonacci of 104.28 near the 40-period SMA. Above that, the 50.0% Fibonacci of 104.63 would next come into view.
A clear dip lower may set the stage for declines towards the eight-month low of 103.17 before resting around the 101.15 support, registered on March 9.
To summarize, EURUSD looks somewhat positive in the very short-term, while in the medium-term the picture is seen bearish unless the price breaks above the 61.8% Fibonacci of 104.97.
