Technical outlook and chart setups:

1. The USD/JPY pair is facing resistance at the fibonacci 0.382 level (102.50) of fall from 105.50 to 100.50. It is recommended to initiate short positions now (101.90). Risk remains at 104.00. A push above 104.00 would enable bulls to re-test 105.50.

2. Immediate resistance is at 103.50/104.50, followed by 105.50, while support is at 100.50 (intermediary), followed by 100.50 (trend line), 97.00 and lower respectively.

3. The structure reveals that till prices are below 104.00/50, bears shall remain in control and push prices lower towards 100.00. A break of the trendline support would see 97.00 and lower levels.

Trading recommendations:

Initiate 50% short positions, stop is at 104.00, target is open.

Good luck!