USD/JPY retraces from a high of 104.88, short rallies

FX:USDJPY   U.S. Dollar / Japanese Yen
256 0 9
Yen picking up a bid in early Tokyo, USD/JPY             retraces from session high of 104.88, intraday bias bearish .

On a 2-hourly chart, the pair finds strong support at 130.95, break below will see test of 103.35 levels.

Technical indicators support downside, Stochs are on the verge of a bearish rollover from overbought and RSI is biased lower.

BOJ Governor Kuroda and Prime Minster Abe             have been advocating easing measures that could come anytime.

A break above 105.40 should confirm a continued advance for this Wednesday, with scope to extend up to 106.80.

Support on the downside is seen at 103.95 ( trendline ), 103.61 (2H 20-MA) and then 103.07 ( 20-DMA             ).

On the upside resistance is located at 104.88 (session highs), 104.98 (July 12 high) and then 105.

Trade Idea: Short rallies around 104.20, SL: 104.60, TP: 103.60/103.35

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