USDJPY Technical Outlook

Near-term price action remains supported, as the pair consolidates recent acceleration higher that peaked at 102.67 on 19 Mar. Positive 4-hour studies keep the upside favored, however, further consolidative / corrective action could be anticipated, as hourly studies are losing traction and price attempts below initial support and consolidation range floor at 102.20. Further weakness and violation of key near-term levels at 102.00 and 101.80, Fibonacci 50% and 61.8% retracement of 101.26/102.67 rally, would weaken the structure and shift focus towards daily trendline support at 101.50 and 101.20 base. Ideally, dips should be contained above 101.80, to keep near-term bulls in play, for fresh attempt above 102.67, towards levels above psychological 103.00 barrier

Res: 102.53, 102.67, 102.80, 103.09
Sup: 102.00, 101.80, 101.50, 101.20