USD/JPY below 105, bias lower, short rallies

FX:USDJPY   U.S. Dollar / Japanese Yen
221 0 10
Yen spikes taking USD/JPY             to fresh weekly lows near 104.27 region, has currently recovered some losses to trade at 104.35 levels.

Next major support aligns at 103.92(20-DMA) ,break below will see drag upto 103.54 (June 16 low).

Break above 106.50 (channel top) would invalidate bearish bias, scope then for test of 111.45 (May 30 high).

Techs are bearishly aligned, Stochs show rollover from overbought levels, RSI biased lower.

Good to sell rallies, SL: 105, TP: 104/ 103.60
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