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USD/JPY About to Complete an ABC Correction Pattern

The USD/JPY failed to test the 103 high yesterday (8/5) after strong US data gave the USD a boost. Then it fell to about 102.25 as we get started with the 8/6 US session. 

Note that price action since last week is about to complete an abc correction pattern, where c = a. That brings up a projection to 102.18. 

The 101.80-102 area has important support factors, so if USD/JPY completes the abc correction or extends a little lower, we should be ready for buyers. 

The 4H chart shows that there will be a rising trendline at this level, along with the 50% retracement at 102.08. The 61.8% retracement is at 101.85, and the 200-period SMA in the 4H chart is around 101.80.

USD/JPY 4H Chart 8/6

When you look at the daily chart, you see that the 102 level is in the middle of the 200-, 100-, and 50-day SMA, with the 50-day SMA at the bottom around 101.90. Also note that price is essentially testing the previously broken falling resistance as support.
USD/JPY Daily Chart
We should be getting ready for buyers soon. A break below 101.80 will be needed to open up the bearish outlook. 
Otherwise, we have the 103, then the 103.75-104 area as targets.