The USD/JPY pair has bounced from its support on a 30 minute time. This support zone was given in our analysis on 29th June. However, this support zone my no longer hold if the price visits this specific zone again as the price has already visited this level for 3 times. Generally speaking, the fresh levels are the best levels and there is more probability of price changing its direction when it visit that specific level.
The price is also trading below the 50 day (shown in green) and the 100day (shown in yellow) moving averages which means that the bears are in control.
However, the RSI is trading in line with the price action which means that the bias could be to the upside.