FxWirePro: USD/JPY slips below 105 handle, bias lower, good to sell on rallies

• USD/JPY slips below 105 handle, intraday bias lower. 
   
• The pair has broken major trendline support at 105.27 on the 4H charts,  trades below the 20-SMA.
   
• Price action was rejected at highs - hammer formation on 4H, scope for downside.
   
• Immediate resistance above 105 is seen at 105.62 (7-DMA), and then 105.80 (4H 50-SMA).
   
• Support on the downside is seen at 104.15 (20-DMA), 104 and then 103.58 (June 21 low).
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Recommendation: Good to sell rallies around 105 levels, SL: 105.65, TP: 104.60/ 104.15/ 104