- The Japanese yen resumes its bullish run after a minor reversal seen on Monday.
- USD/JPY knocked-off to fresh 5-week lows below 100.50, hits 100.34 before paring some losses to currently trade at 100.45.
- Intraday bias is lower, we see scope for test of 99.98 and then 98.78 on further weakness.
- The pair has broken major trendline support at 101, which is immediate resistance and further above 10-DMA (101.46) caps upside.
- Momentum studies are bearish, Techs support downside. Bearish invalidation only above 50-DMA (103.66).
Recommendation: Good to sell rallies around 100.50, SL: 101, TP: 100/ 99.60/ 99
