USD/JPY remains below the psychologically-significant 102.00 handle with the absence of a bullish reversal signal making a bounce look unlikely at this stage. Further declines may be met by buying support at the 101.20 mark.
USD/JPY: Open To Further Declines With Bullish Candlestick Missing
Examining the four hour chart; the Doji near 102.00 signaled a lack of conviction amongst the bulls near the key resistance level. With a bullish reversal pattern also absent in intraday trade, the potential for a bounce may be limited.
USD/JPY: Bulls Lose Steam On Retest Of 102.00
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