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Forex pairs in this Article » USD/JPY (San Francisco) - The USD/JPY's decline from highs since May at 103.40 finally found support at 102.00 where the pair has bounced to trade back at 102.40.

The USD/JPY is currently trading at 102.33, 0.63% negative on the day. The short term perspective is strongly bearish according to the trend index in the 1-hour chart. MACD, CCI and Momentum are pointing to the south while the Stochastic is bullish.

"In bigger time frames however, indicators are far from suggesting a downward acceleration, but risk comes from Nikkei and a possible continuation of the selloff triggered by the end of last session," comments chief analyst Valeria Bednarik. "If stocks continue under pressure, the pair will likely follow, approaching 101.20 price zone."

Below the 102.00 area, next supports are at 101.20 and 100.75. On the upside, resistances are at 102.60, 103.15 and 103.40.
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