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The USD/JPY pair is technically bearish, unable to advance beyond the 38.2% retracement of its March decline at 107.65, the immediate resistance, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The USD/JPY 4-hour chart shows that moving averages gain bearish traction above the current level, and above the 107.65 Fibonacci level.”

“Technical indicators remain within negative levels with modest bearish strength, still aiming lower and indicating further declines ahead.”

“Support levels: 107.30 106.95 Resistance levels: 107.70 108.10”