USD/JPY below 105 handle, bias lower, good to sell rallies

FX:USDJPY   U.S. Dollar / Japanese Yen
598 0 24
USD/JPY             slips below 105 handle, intraday bias lower.

The pair has broken major trendline support at 105.27 on the 4H charts, trades below the 20-SMA.

Price action was rejected at highs - hammer formation on 4H, scope for downside.

Immediate resistance above 105 is seen at 105.62 (7-DMA), and then 105.80 (4H 50-SMA).

Support on the downside is seen at 104.15 ( 20-DMA             ), 104 and then 103.58 (June 21 low).

Good to sell rallies around 105 levels, SL: 105.65, TP: 104.60/ 104.15/ 104
Comment: USD/JPY saw a knee-jerk upward spike to 105.65 levels before plummetting almost 300-pips below the 103 handle.

BOJ kept the interest rates unchanged at -0.1%, and made no changes to asset purchase program and base money target.

Markets clearly disappointed, now await BOJ Chief Kuroda’s press conference for fresh insights on the easing measures.

All targets hit. Techs heavily bearish. We see scope for downside till 101.40.
Comment: USD/JPY is rebounding from lows of 101.97 (Friday).

Pair finds strong support by trendline at 102 levels.

Break below will see test of 101.60 and then 101.15.

Bearish invalidation only above 103.35.
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