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HomeContributorsTechnical AnalysisUSD/JPY Broke The 104.00 Support Zone To Move Into A Bearish Zone

USD/JPY Broke The 104.00 Support Zone To Move Into A Bearish Zone

FXOpen
By FXOpen

The US Dollar started a major decline from well above the 104.20 zone against the Japanese Yen. The USD/JPY pair broke the 104.00 support zone to move into a bearish zone.

The pair even settled below the 103.75 level and the 50 hourly simple moving average. The pair is showing a few bearish signs and it is currently struggling to stay above the 103.50 support zone.

If there is a downside break below the 103.50 support, there is a risk of more downsides towards the 103.20 level. The next major support for the bulls is near the 103.00 level.

Conversely, there could be a fresh increase above the 103.65 resistance. If there is a clear break above a connecting bearish trend line at 103.65 on the hourly chart, there are chances of a recovery wave towards 104.00 or even 104.20 on FXOpen.

FXOpen
FXOpenhttps://www.fxopen.com/
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