FxWirePro: USD/JPY fails at major trendline resistance at 103.40, good to sell rallies

• USD/JPY edges lower on Thursday after upside was unable to clear major trendline resistance at 103.40. 
   
• Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-finds-stiff-resistance-at-10340-bias-higher-283892) has almost achieved all targets.
   
• The major reversed upside from 103.35 levels, was rejected shy of major trendline resistance at 103.40.
   
• Price action today has staged a solid comeback from a dip below 102 handle.
   
• Focus now on a flurry of US economic reports due to be published later in the NA session.  
   
• Major support seen at 101.92 (50% Fib), break below to see test of 101.36 (61.8% Fib).
   
• On the upside major resistance see by 103.20 (23.6% Fib and falling trendline).
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Recommendation: Good to sell rallies around 102.40, SL: 103, TP: 101.75/ 101.36/ 101