USD/JPY: Mildly bearish

The USD/JPY pair is trading around 107.40, bearish-to-neutral in the short-term, as it’s slowly extending its decline below the 38.2% retracement of its March advance at 107.70, FXStreet’s Chief Analyst Valeria Bednarik briefs.

Key quotes

“Japan didn’t release relevant data this Tuesday, and the US calendar will be scarce, as the country will release March Existing Home Sales, foreseen down by 8.1%.”

“In the 4-hour chart, moving averages are confined to a tight range, directionless, just above the 107.70 Fibonacci level.”

“Technical indicators, in the meantime, remain flat within negative levels, skewing the risk to the downside without confirming further declines ahead.”

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