USD/JPY Consolidating

USD/JPY has been consolidating since the beginning of the week. The pair reached a low of 101.97 and is currently trading at 102.27. Main trend on the short-term remain bearish as the bears took control over the pair when it reached the resistance zone at 107.49 and has been falling since.

First support zone may be found at current market price, second support zone is seen at 101.70. If that level is broken we might revisit lowest low at 98.95 and as a major support zone bears might attempt to go to 98.

No major news are expected from both sides, which means that technicals would most likely play the major role in defining the trend for the week.

Chart: USD/JPY H4