US Dollar / Japanese Yen (USD/JPY) gave up some of the yesterday’s gain on Wednesday, however, the pair is finding support around the old trendline resistance which is not acting as critical support level, later in the US session a few major economic releases about the US economy should provide clear direction to the pair.
As of this writing, USD/JPY is being traded near 102.14. The nearest support can be seen around 102.12 that is the trendline support, ahead of 101.80 which is 23.6% fib level. A break below 101.80 shall expose more downside movement towards 100.75.
On upside, the pair is expected to face the first hurdle around 102.50 which is 38.2% fib level ahead of 103.08 that is 50% fib level. A rebound is likely from 103.08. The bias will remain bearish as far as the pair is being traded below the 103.00 handle.