USD/JPY: back to neutral on softer greenback, supported at 102.20/30 - FXStreet

Having traded as high as 103.35, the USD/JPY pair closed the day modestly lower in the 102.30 region, undermined by dollar's weakness.

Key Quotes:

"The pair started the day advancing, on continued rumors coming from Japan over the possible measures to be adopted by the BOJ next week, including cutting rates further into negative territory and accelerating the pace of JGB purchases."

"The  pair is now flat weekly basis, not actually a surprise considering that both Central Banks are expected to make some interesting announcements next week. In the meantime, the short term picture for the pair is bearish, as in the 1 hour chart, the price is pressuring a modestly bullish 100 SMA, while technical indicators have resumed their declines within bearish territory after a brief period of consolidation."

"In the 4 hours chart, the price is a handful of pips above a still bullish 100 SMA, around 102.10, the Momentum indicator presents a modest bullish slope above its 100 line, while the RSI indicator heads south around 48, suggesting that a break below the mentioned level should result in a stepper decline this Thursday."