USD/JPY gains bearish potential as nears 104.00

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USD/JPY is trading lower in range in the 104.20 price zone. The pair looks increasingly bearish as the American dollar is still the weakest currency across the FX board, with the JPY appreciating despite a sour market’s mood, FXStreet’s Chief Analyst Valeria Bednarik briefs.

Key quotes

“Japan published the final reading of the September Leading Economic Index, which resulted at 92.5, below the 92.9 expected. The Coincident Index for the same period improved to 81.1. The US won’t release macroeconomic data for the rest of the week.”

“The USD/JPY pair is neutral-to-bearish in the near-term, as the 4-hour chart shows that it is unable to surpass a mildly bearish 20 SMA. The longer moving averages gain bearish strength above the shorter one, skewing the risk to the downside.” 

“The Momentum indicator remains directionless around its midline, while the RSI indicator turned south, currently at 45, further supporting another leg lower.”

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