The 4-hour chart of USD/JPY is currently in a downtrend making lower lows and lower highs consistently. It is also in a descending channel and is currently trading around its resistive trendline. Hence we expect the bears to exert selling pressure further from here.
The counter is in an ascending channel formation. Now, the pair is taking support at its trendline. Also, the Euro zone data is showing some signs of a comeback recently. Hence, we expect the pair to take support at the trendline zone and head higher from here.
The counter is in a long-term bearish trend. However, the short-term trend suggests a short-term sideways trend. The range is defined in a bearish flag formation and it is the wave 4 of the bearish cycle. We expect the pair to wither the sideways trend upon reaching the resistive trendline and restart its bearish trend.