USD/JPY - Will Decline Further to Test 108.80 Again - 07/24/2017 (GMT)

The U.S. dollar recorded two negative weeks in a row against the Japanese yen, with losses of 1.25% last week and 1.19% the week before. Moreover, it created a series of five negative daily candles and slipped below both the 50 and 100-SMAs on the daily chart. The Bank of Japan policy meeting last week failed to support the pair, while the minutes of the meeting will be released tonight and may reveal some insights that will have an impact on the currency.

Despite the current support near 111.00, the pair looks to keep its bearish bias for a bit longer. The next level to watch to the downside is the 108.80 support barrier. Technical indicators agree with our forecast. MACD oscillator has just entered the negative area and is developing below its trigger line while RSI is declining towards 30 level.