The USD/JPY tried to rally on Monday, but there was
a forceful pullback on Tuesday, which lays more emphasis on the extant
bearishness in the market. The demand level at 105.50 has been tested, and it
would be tested again, breached to the downside, as price goes towards another
demand level at 105.00.
The EMA 11 is below the EMA 56, and the RSI period
14 is below the level 50. There is currently a Bearish Confirmation Pattern in
the 4-hour chart, which pinpoints further southwards movement.