FxWirePro: USD/JPY remains under bear grip, risk-off adds to the downside pressure

USD/JPY chart - Trading View 

USD/JPY was trading 0.26% lower on the day at 104.28 at around 04:00 GMT, outlook bearish.

The pair continues to trade weaker for the 6th straight session and bear grip remains intact for now.

Risk-off action in the Asian equities and broad dollar weakness keep downside pressure. Focus on Fed Chair Powell's speech.

Japanese markets remain closed for holidays on Monday and Tuesday which could see volatile moves.

Technical indicators also assert the bearish picture, scope for further weakness on bearish momentum and rising volatility.

Immediate support lies at 104.18 (July 31st low). Break below finds little support till channel base at 102.55.

5-DMA is immediate resistance at 104.79. Retrace above trendline at 105.30 (support turned resistance) will change near-term dynamics.

Support levels - 104.18 (July 31st low), 104 (Psychological level)

Resistance levels - 104.79 (5-DMA), 105.30 (trendline)