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.