Technical analysis for the USD/JPY 17 Jan 2014

The USD/JPY broke down its 100-4hour moving average which is a sign of weakness. The USD/JPY is still in a sideways trend on 4-hour chart. First support lies at 104.08yen; second support is in the area between 103.53 yen & 103.23yen and the main support is in the area between 102.85yen & 102.15yen.The recent price peak failed to reach the upper boundary of the Bollinger bands which confirms the price weakness. The stochastic indicator broke down its middle line which gives a sign of weakness. On the upside, if the pair manages to break up the area between 104.93yen & 105.45yen, it will face next resistance at 106.96yen and the main resistance is108.02yen.