Technical outlook and chart setups:
1. The USD/JPY pair is trading around resistance at 102.00/10 levels for now. It is expected to carve a lower top around this region. Only a push above 102.30/40 would be bullish for the pair. Recommendations are to initiate short positions around the current levels, risk remains at 102.40.
2. Support is seen at 101.70, followed by 101.00 and 100.80, while resistance is seen at 102.30, followed by 102.70 and higher up respectively.
3. The structure indicates that USD/JPY should be headed lower till the prices remain below 102.30/40.
Trading recommendations:
Initiate short positions now, stop at 102.50, target is open.
Good luck!
