{video}USDJPY has been in a battle with the 23.6% Fibonacci retracement level of the up leg from 102.60 to 111.65 at 109.50 over the last month, creating a tight sideways channel. The 20- and 40-day simple moving averages (SMAs) as well as the Ichimoku cloud are acting as significant resistance regions. In terms of technical indicators, the RSI is declining in the negative area, while the stochastic is approaching the oversold zone, suggesting steeper decreases in the market. If the negative pressures intensify, initial tough support could develop from the 109.10 barrier and the ten-week low of 108.70. Pushing under ... (full story)