FxWirePro: USD/JPY holds major support at 102.15, weakness only on break below

• Recovering risk sentiment helped USD/JPY to hit highs of 120.82 in the Asian session today.
   
• The pair is holding major trendline support currently at 102.15 levels.
   
• On the flipside, resistance is seen at 103, 103.40 (July 1 high) and then 103.99 (7-DMA).
   
• Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-rebounds-from-lows-on-upbeat-Chinese-data-good-to-go-long-on-dips-242761) has hit TP1.
   
• We see weakness only on a decisive break below 102.15, pair could then see test of 100 levels.
   
• Focus now on US data due later in the NY session, with Fed’s preferred gauge - the core PEC rice index closely eyed.
  ​

Recommendation: Good to go short on breakout below 102.15, SL: 103, TP: 101.55/ 101.40/ 101/ 100.52.