USD/JPY bears mounting up as US yields drop to pre Jackson Hole levels

USD/JPY is consolidated around 101.80 in the Tokyo open, unable to catch a bid while the US dollar was somewhat softer and profit taking ensued from above the 102 handle. 

102.40 has been the recent high, fuelled by last week's optimism from Fed speakers Fischer and Yellen, both of whom were signaling for another rate hike. However,  US yields dropped today as skepticism rose ahead of this week's nonfarm payrolls data while the PCE numbers didn't stack up in respect to timings of a hike as soon as September's FOMC meeting.  US 10yr treasury yields fell from 1.62% to 1.56% - back to where they were prior to the Jackson Hole Fed comments, as noted by analysts at Westpac."The 2yr yield fell from 0.84% to 0.81%. Market pricing of the Fed funds rate fell, implying around a 35% chance of a rate hike in September, an 80% chance by December, and 100% by April 2017."

USD/JPY levels

Spot is presently trading at 101.88, and next resistance can be seen at 101.92 (Daily Open), 101.92 (Weekly High), 101.95 (Hourly 20 EMA), 102.03 (Daily High) and 102.04 (Daily Classic PP). Support below can be found at 101.81 (Yesterday's Low), 101.75 (Daily Low), 101.69 (Daily Classic S1), 101.45 (Daily Classic S2) and 101.44 (Daily 20 SMA).  Regarding candlestick formations, we can see Dark Cloud Cover and Engulfing Bearish formation on the 1-hour.