The US Dollar may be on the verge of a turn lower against the Japanese after prices put in a Bearish Engulfing candlestick pattern. Near-term support is at 102.30, the 14.6% Fibonacci expansion, with a break below that exposing the 23.6% level at 102.01. alternatively, a daily close above resistance at 102.77, the
Risk/reward considerations argue against entering short with prices sitting squarely at support. On the other hand, taking up the long side seems premature absent a defined bearish reversal signal. We will remain flat for now.