For bulls the only respite would be a hawkish Fed. As Richard Perry , Market Analyst for Hantec Markets stated on our show - Fed needs to talk hawkish else USD/JPY goes through the floor.
Check the segment with Richard Perry from Hantec Markets titled “Fed needs to talk hawkish else USD/JPY goes through the floor” here - https://www.youtube.com/watch?v=VEfQN4blzls
We agree with Perry’s view. If the Fed remains neutral (which would be read as being dovish), the pair would re-test and most probably take out Brexit low of 98.79.
I case, the Fed comes out hawkish (signals rate hike or hikes rate today) we could go higher to 102.00 level. However, invalidation is seen only if prices see a day end close above daily falling resistance.