USD/JPY consolidates after finding support at 102.20

USD/JPY moved in a consolidative mode after finding support at 102.20 (S1). A decisive break below that barrier may indicate that the 11 – 22 Apr. advance was just a 50% retracement of the 4 – 11 Apr. decline. The MACD lies below its signal line and seems ready to fall below its zero line and turn the momentum to the downside. On the daily chart, we can identify a doji followed by a hanging man, increasing the possibilities for further declines.

•Support: 102.20 (S1), 101.85 (S2), 101.50 (S3) •Resistance: 102.70 (R1), 103.00 (R2), 103.40 (R3).

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