FXstreet.com (Barcelona) - The Yen has given back some of the gains achieved after the FOMC, which according to the ActionForex.com technical team, has turned the intraday bias to the downside: Despite extending the rebound from 107.21 to 112.16, USD/JPY failed to sustain above mentioned 111.76 resistance as well as the inner falling trend line resistance and fell sharply. Subsequent break of 110.61 support turned intraday bias back to the downside and indicates that rebound from 107.21 has likely completed at 112.16 on bearish divergence condition in 4 hours MACD. The ActionForex.com technical team forecasts furter decline: Further decline is expected to 109.55 support and break will confirm suggest case and bring retest of 107.21 low. However, above 112.16 will indicate that a stronger rebound is indeed underway to outer trend line resistance (124.13 to 117.94, now at 114.67).
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