Technical outlook and chart setups:
1. The USD/JPY pair is seen to be stalling at fibonacci 0.618 resistance around 102.20/24, of the fall between 102.80 and 101.00 as seen here. Only a push through the 102.50 region would be bullish for the pair. Recommendations are to remain short, risk is above 102.50.
2. Support is seen at 101.70/80, followed by 101.00 and 100.80, while resistance is seen at 102.50, followed by 102.80 and higher respectively.
3. The structure indicates that USD/JPY should resume its intermediate downtrend from the current levels.
Trading recommendations:
Remain short, stop at 102.60 or above, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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