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Technical Analysis: USDJPY bears keep the reins despite Wednesday’s run-up

Not only failure to cross 21-day EMA but a sustained trading below the key Fibonacciretracement levels and a seven-week-old falling trend line keeps USDJPY bears hopeful. Asa result, 105.30-25 grabs the short-term sellers' attention, a break of which could recall104.70 and the July month bottom around 104.20. However, any more downside will have toignore likely oversold RSI conditions that can recall 103.00 level on the chart.

Alternatively, a clear break past-21-day EMA level of 106.20 will propel the quote towardsthe immediate resistance line around 106.90. Though the pair's further advances will find itdifficult to cross 50% and 61.8% Fibonacci retracement levels, respectively around 107.00and 107.70. Also adding to the upside barrier is the previous month's top near 108.15/20.

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