The USD/JPY has been drifting away from its fresh high on the year at 121.84 this week. It has found support just under 118.00, above a previous support pivot of 117.86. It also stayed above a rising speedline. However, in the 4H chart, we can see price falling below the 100-, and 50-period SMAs, and the 4H RSI dipping below 40, reflect a loss of bullish bias and momentum. USD/JPY 4H Chart 12/10 (click to enlarge) Now, if price falls below 117.85, it clears some key support factors in the short-term and opens up the 115.85-116 area, which contains a previous support/resistance area and the 200-period SMA. We should expect buyers here especially if the RSI is oversold, and even more is if it is also in bullish divergence vs. price.120.00 is a key psychological level and we can see some support/resistance action around it. A break above this level should revive the uptrend with 121.84-122.00 in sight. A break above that then opens up at least the 123.00 handle.