FX.co ★ Technical analysis of USD/JPY for July 30, 2014

Technical outlook and chart setups:

1. The USD/JPY pair is seen to be stalling at fibonacci 0.618 resistance around 102.20/24, of the fall between 102.80 and 101.00 as seen here. Only a push through the 102.50 region would be bullish for the pair. Recommendations are to remain short, risk is above 102.50.

2. Support is seen at 101.70/80, followed by 101.00 and 100.80, while resistance is seen at 102.50, followed by 102.80 and higher respectively.

3. The structure indicates that USD/JPY should resume its intermediate downtrend from the current levels.

Trading recommendations:

Remain short, stop at 102.60 or above, target is open.

Good luck!