The USD/JPY pair has fallen from its resistance zone on a 60 minute time frame. However, the price is still trading near the resistance zone and it could have another attempt on the resistance zone. What will be important o see in that instance will be if we have any kind of reversal pattern forming in the shorter time time frame such as the 30 minute or 15 minute time frame. If we do have a reversal pattern formed within or close to its resistance zone, then it will increase the odds that the price could reverse its direction from this zone. The price is also trading well above the 50day shown in green and the 100 day day shown in yellow moving average, which means that the price is well far enough from its normal price zone and therefore, we could see some form of correction.
The RSi is also trading in an extreme zone of oversold zone and it has changed its direction towards the downside which clarifies that the bias could be towards the downside. The MACD has not shown a slow down in the upward momentum yet.
Resistance Zone
104.11-103.93 Major
103.41-103.25 Minor
Support Zone
101.79-101.69 Major
101.40-101.29 Minor
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.