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USD/JPY – Selling seen below 50% Fibo

FX:USDJPY   U.S. Dollar/Japanese Yen
Despite pair’s rally from 100.10 (yesterday’s low) to a high of 101.25 in Asian session today, the subsequent failure to hold above 5-DMA and a pullback to 100.80 amid bearish daily RSI suggests the spot could dip below 100.71 (50% of 2011 low – 2015 high) in which case support at 100.00 could be put to test.

On the higher side, only a day end close above 102.40 would signal bearish invalidation.
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