USDJPY’s bounce from 101.32 extended to as high as 102.56. However, the bounce is likely consolidation of the downtrend from 104.12. Resistance is now at 102.75, as long as this level holds, the downtrend could be expected to resume, and one more fall to test 101.20 support is still possible. Initial support is at 101.85, a breakdown below this level could signal resumption of the downtrend.
