USD/JPY analysis: still bearish, despite quiet

USD/JPY Current price: 100.61

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The USD/JPY pair closed the day marginally higher around 100.60,  unable to gain traction either side of the board. The tepid US Durable Goods Orders report, forced the pair to retreat from around 100.80, although the downside remained limited by a generally positive market sentiment. Japan will release its retail sales figures for August, expected to have declined sharply when compared to July, while BOJ's Kuroda is expected to speak at the National Securities Industry Convention, in Tokyo during the upcoming Asian session. Despite in a consolidative phase, the dominant bearish trend remains firm in place with the pair trading not far from its year low and below a bearish 100 DMA, these days around 102.80. In the short term, the pair has turned neutral, as the 100 SMA is now pretty much horizontal around the mentioned Fibonacci level, whilst the technical indicators head nowhere, stuck around their mid-lines. In the 4 hours chart, the 100 SMA has accelerated its decline, and converges with the 200 SMA around 101.50, while technical indicators diverge from each other, as the Momentum heads north whilst the RSI resumed its decline, both within neutral readings.

Support levels: 100.35 100.00 99.70

Resistance levels: 100.65 100.95 101.40