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  • USD/JPY trades down despite broad-based USD strength. 
  • The level to beat for bears is the 105.70 support.
 

USD/JPY daily chart

 
USD/JPY gets another bearish day despite broad-based USD strength this Wednesday. The spot is trading below the main SMAs on the daily chart suggesting a bearish bias. Moreover, the 50 SMA crossed below the 200 SMA creating a death cross which can result in more downward traction for the currency pair.
  

USD/JPY four-hour chart

 
USD/JPY is drifting down below its main SMAs on the four-hour chart as the spot is nearing the 106.00 figure. The market broke below the April lows and it seems that the bears are now in full control. A break below the 105.70 support can see more downside price movements. On the flip side, resistance is expected to hold near 106.30 and 107.00 resistances. 
 

Additional key levels