USD/JPY Weekly Chart" title="USD/JPY Weekly Chart" height="321" width="925">
USD/JPY retested 102.62 as expected and continued lower to our target of 102.44 and bottomed almost exactly here at 102.47. Today we have resistance at 103.02 and we could head lower from here. Immediate support is 102.81 but below 102.70 keeps the market under pressure for 102.47/44. A break lower cannot be ruled out and could target 102.25/20 for a good short term buying opportunity. A short term low for the correction could be expected at this stage.
Immediate resistance at 103.02 but shorts need stops above 103.10. A push though 103.20 is more positive and targets 103.35/40 for a selling opportunity with stops above 103.50.