• USD/JPY halts Wednesday's recovery, fails to extend gains beyond 103 handle.
   
• The pair has reversed gains with a slight deterioration in global risk sentiment.
   
• Downside has briefly slipped below 1H channel base support at 102.52 to hit session lows of 102.46.
   
• The pair is currently trading at around 102.60 levels, holding above channel base. Weakness only on breaks below.
   
• Resistance on the flipside is seen at 103, 103.56 (10-DMA) and then 104.
   
• Techs on daily charts are inconclusive, we prefer to remain on the sidelines for now.