- USD / JPY is moving lower amid cautious sentiment.
- It maintains the downside breakout of the month-long horizontal support amid a bearish MACD.
- The downtrend line from mid-November becomes the key resistance.
USD / JPY remains below the monthly descending triangle, trading near the 103.50 level at the start of the European session on Wednesday, as it turns its attention to the talks about the US aid package in search of new momentum.
Technically, the sustained break below short-term support is joined by a bearish MACD to keep sellers hopeful, targeting the November low near 103.15 and the round level of 103.00.
Should the USD / JPY bears continue to dominate below that region, a return to the March low near 101.20 cannot be ruled out.
On the other hand, a corrective pullback above the immediate resistance line, previous support now turned into resistance around 103.65 / 70, could target the round level of 104.00.
However, any further rally will depend on how the USD / JPY performs at the resistance of the triangle, now at 104.45.
USD / JPY four hour chart
USD / JPY technical levels
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