USDJPY is falling for the fourth consecutive day, meeting the 20- and 40-day simple moving averages (SMAs) following the pullback off the 115.65 resistance level.
The technical indicators are mirroring the latest weak momentum, as the RSI is flattening near its neutral threshold of 50, while the MACD is holding near its zero level. Also, the Ichimoku lines are endorsing a negative move as the red Tenkan-sen line is holding below the blue Kijun-sen line.
In case the bears continue to have the upper hand, immediate support could come from 113.40 ahead of the long-term ascending trend line near 113.00 and the 112.40 barrier. A slip beneath the uptrend line could open the door for the 200-day SMA at 111.70 and 110.80.
Alternatively, a rebound off the short-term SMAs could shift the bias to the upside, meeting 115.65 and the more-than-five-year high of 116.36. Running higher, the next stop could come from the 118.60 barrier, registered in January 2017.
All in all, USDJPY has been in a bullish tendency in the long- and short-term timeframes despite the latest descending move. Any moves below the rising trend line may shift the outlook to neutral.
