USD/JPY Forecast: Bears still lead

USD/JPY Current price: 109.22

Bears still lead. The USD/JPY pair is showing little signs of life this Thursday, still trading within a limited range above the 109.00 level. Poor US inflation figures, however, are pushing the pair slightly lower, but with no much conviction. Technically, the 1 hour chart shows that the price has been struggling around a bearish 200 SMA ever since the day started, unable to advance beyond it. In the same chart, the technical indicators have turned south around their mid-lines, but lack enough strength to confirm a downward continuation. In the 4 hours chart, the technical indicators have retreated from overbought levels, but remain well above their mid-lines, losing their downward strength. Overall, the pair remains bearish, and will probably extend its decline on a break below 108.90, the immediate support, but needs a good trigger to do it, and seems it won't get it today.

Support levels: 108.90 108.40 107.95

Resistance levels: 109.50 110.00 110.45

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