After declining around 55 pips from 102.95 to test fresh daily lows at 102.40 in the European session, the USD/JPY seems to have found support at this level with the pair trading back above the 102.50 area at 102.70.
Currently, the USD/JPY is trading around 102.65, 0.05% negative on the day. The short term perspective is strongly bearish according to the FXstreet.com Trend Index in the 1-hout chart. MACD, CCI and Momentum are pointing to the south while the Stochastic is neutral.
Above the 102.70, the USD/JPY would face resistances at 102.95 (daily high), 103.40 (Dec 10 high) and 103.55 (May 23 high). On the downside, immediate supports at 102.40 (daily low), 102.00 (psychological level) and 101.63 (Dec 5 & 6 lows).