The USD/JPY pair bounced slightly during the course of the day on Wednesday, using the 104.29 level as support. At this point in time, the market is looking bearish. The primary trend of USD/JPY is bearish on charts and price is trading below its support trend line in its 1 hourly chart. In its 1 hourly chart the price is sustaining below 200 day SMA that are appears on the above image indicating downtrend of the pair.
Resistance level 104.90 and Support level 104.29
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
MACD is sustaining in its negative territory indicating the bearish trend in the pair.
RSI is sustaining in its selling zone indicating the upcoming negative trend in the pair.
STRATEGY: USD/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.