USD/JPY Continues Consolidating

USD/JPY reached the resistance at 104.20 and bounced off of that level after forming a spinning top candlestick on the four-hour time-frame. The pair is currently testing the support at 103.75 and a breakout below that level would likely lead to a further move to the downside towards the next support, which is at 103.30 and coincides with the (MA)89 indicator on the four-hour time-frame again. Considering that the pair has been forming a sideways consolidation for the past two weeks we can probably expect another bounce off that support and a test of the 103.75, which from a support level would have become a resistance.