- USD/JPY consolidates in a potential falling wedge on 4H chart.
- 50, 100-HMAs confluence limits the upside attempts.
- Bearish hourly RSI keeps the spot vulnerable.
USD/JPY is posting small losses around 104.50, looking to extend the previous decline after witnessing good two-way businesses on Monday.
Technically, the major remains vulnerable to further losses as long as it holds below the critical resistance of 104.60, where the 50-four-hour (4H) simple moving average (SMA) coincides with the 100-SMA.
Acceptance above the latter could provide legs to the recovery momentum, with the next upside barrier seen at the bearish 21-SMA of 104.83.
Further north, the buyers will then target the 105.00 level.
On the flip side, a failure to defend the daily lows of 104.42 could expose the falling trendline support at 104.29.
The next downside target is aligned at 104.00, psychological level.
USD/JPY: 4H chart
USD/JPY: Additional levels
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