MarketDeal24.Com – The USD/JPY pair ended the day in a downward trend on Wednesday. The pair has been in bearish condition for five days in a row. The price of the pair has dropped below 104 in the four hour time frame. Since the 104 level is currently acting as resistance, sellers will look at Quasimodo support 103.21 today.
The bearish condition of the four-hour time frame was also seen in the daily chart, as a result of which the price fell below the support 104.06 on Wednesday in the daily time frame. A break in this level has resulted the possibility of price going to the current Quasimodo support 102.55.
In the weekly time frame, the weekly candlestick has formed an wedge pattern (106.94/104.18) since the price reached the underside of supply 108.16-106.88 in August. The above mentioned Quasimodo support 102.55 is shown in the chart, and if this level breaks then the focus will be in support 100.61. However, if the price recovers strongly from 102.55, the price may rise above the downward wedge pattern.