FxWirePro: USD/JPY sideway swings evidence weakness to retest support at 118.755

The non-directional trend is now slightly sensing weakness that lasted for almost 1 year (that has remained in the range of 116.082 - 125.856).

Strong resistance at 123.700 rejected and heading towards support at 118.755.

While USD/JPY's uptrend is contracted into narrow range, other oscillating indicators shown divergence to the previous uptrend and current sideway trend; for now bearish sensation is piling up although interim upswings cannot be disregarded.

After testing and rejecting the strong resistance at 123.70, we came up with this bearish stance after long lasting considerable struggle now.

Weekly prices have slipped below 21DMA to signify the bearish trend to prevail further.

Massive volumes build up on every price decline (see grey shaded areas).

Timely downward convergence of oscillators. RSI trending southwards at 45.8042, while bearish crossover on slow stochastic intensifying selling pressures. It has been the same case on monthly plotting as well to signal long-term impulsive selling pressure.