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USD/JPY New York Price Forecast: Dollar capped below the 105.00 figure vs. yen

  • USD/JPY is in consolidation after the black Monday’s selloff.
  • The level to beat for bears is the 104.00 support.
 

USD/JPY daily chart

 
USD/JPY is bouncing from three-year lows while below the simple moving averages (SMAs) as the equity markets are rebounding after a huge selloff on Monday. 
 

USD/JPY four-hour chart

 
USD/JPY is consolidating the selloff below the 106.00 figure. The market is trading below its main SMAs, suggesting a bearish bias in the medium term. The break below 105.00 could lead to further losses towards the 104.00 and 103.30. Resistance is seen at the 105.00 and 106.00 figures. 
 

Additional key levels

 

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