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USD/JPY fails at major trendline resistance, short rallies

FX:USDJPY   U.S. Dollar/Japanese Yen
270 0 10
USD/JPY             edges lower on Thursday after upside was unable to clear major trendline resistance at 103.40.

The major reversed upside from 103.35 levels, was rejected shy of major trendline resistance at 103.40.

Price action today has staged a solid comeback from a dip below 102 handle.

Focus now on a flurry of US economic reports due to be published later in the NA session.

Major support seen at 101.92 (50% Fib), break below to see test of 101.36 (61.8% Fib).

On the upside major resistance see by 103.20 (23.6% Fib and falling trendline).

Good to sell rallies around 102.40, SL: 103, TP: 101.75/ 101.36/ 101

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