FxWirePro: Bearish bias builds in USD/JPY, good to short rallies

• USD/JPY slips below 117 handle, intraday bias lower.
   
• Technical studies have turned bearish:
  - RSI and Stochs have rolled over from overbought zone.
  - MACD has shown a bearish crossover on signal line.
   
• We see scope for test of 20-DMA at 116.16. Break below could see further drag upto 114.75.
   
• Support levels - 116.55 (session low), 116.15 (20-DMA), 116
   
• Resistance levels - 117, 117.12 (5-DMA), 117.25 (session high), 117.81 (Dec 28 high)
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Recommendation: Good to go short on rallies around 117, SL: 117.50, TP: 116.55/ 116.15/ 116