- USD/JPY has broken major trendline support at 102 levels, intraday bias lower.
- The pair has resumed its downtrend after being rejected at session highs by 101.34.
- Momentum studies are bearish, we see scope for 99.98 and then 98.78 levels.
- Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-holds-major-support-at-10215-weakness-only-on-break-below-243186) is progressing. TP1 and 2 almost hit.
- Immediate support on the downside is seen at 100.52 (July 11 low), while above 101 we see next major resistance at 102.25 (5-DMA and trendline).
Recommendation: Stay short for 100.52/ 99.98
