FxWirePro: USD/JPY retraces from a high of 104.88, intraday bias bearish, short on rallies

• Yen picking up a bid in early Tokyo, USD/JPY retraces from session high of 104.88, intraday bias bearish.
   
• On a 2-hourly chart, the pair finds strong support at 130.95, break below will see test of 103.35 levels.
   
• Technical indicators support downside, Stochs are on the verge of a bearish rollover from overbought and RSI is biased lower.
   
• Support on the downside is seen at 103.95 (trendline), 103.61 (2H 20-MA) and then 103.07 (20-DMA).
   
• On the upside resistance is located at 104.88 (session highs), 104.98 (July 12 high) and then 105.
  ​

Recommendation: Short rallies around 104.20, SL: 104.60, TP: 103.60/103.35