FxWirePro: USD/JPY struggles to hold above 102 handle, intraday bias neutral

• Moderate risk-on in the markets in early Asian session, Nikkei gains accompanied by a recovery in the treasury yields and a rise in S&P futures.
   
• Offered tone around Yen gathered pace, USD/JPY edges higher from session lows at 101.55.
   
• Pair unable to sustain at highs by 102.20, slips lower, currently hovers around the 102 handle.
   
• Doji formation in the Asian session till now, narrow range on the day with a high of 102.20 and a low of 101.56.
   
• USD/JPY tags on to the lower Bollinger Band, techs are still inconclusive, pair trades with a neutral bias.
   
• Immediate support and resistance are seen at 101.40 (June 27th low) and 103 respectively.
   
• Uncertainty on the global economic outlook continues in wake of the Brexit decision, volatility unlikely to fade soon.
   
• BOJ Governor Kuroda crossed the wires this Asian morning, making a statement that, “Central banks are ready to take steps to assist proper financial markets functioning.” 
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Recommendation: We prefer to remain on the sideline for now.