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USD/JPY is expected to trade with a bearish bias as the key resistance is seen at 104.20. Technically, the pair posted a technical rebound, but is still under pressure below the nearest resistance at 104.20. Even though a continuation of the rebounds cannot be ruled out, its extent should be limited by 104.20. The U.S. dollar continued to strengthen against most major currencies. It gained versus the euro for a fourth straight session, the longest winning streak since March, after European Central Bank President Mario Draghi hinted at no tapering of the central bank's asset purchases.
As long as 104.20 is not surpassed, the pair is likely to decline to 103.50 and 103.15 in extension.
Trading Recommendation: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 103.50. A break below this target will move the pair further downwards to 103.15. The pivot point stands at 104.20. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 104.50 and the second one at 104.85.
Resistance levels: 104.50, 104.85, 105.35
Support levels: 103.50, 103.15, 102.75
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