USD/JPY Daily Outlook
Daily Pivots: (S1) 94.00; (P) 94.30; (R1) 94.75; More...
There was no follow through selling in USD/JPY so far. But with 95.02 minor resistance intact, the current corrective fall from 96.70 is still in favor to extend lower to 61.8% retracement of 90.85 to 96.70 at 93.08 before completion. Though, break of 95.02 will be the first sign that such correction is finished and will flip bias back to the upside for retesting 96.70 resistance first.
In the bigger picture, whole decline from 124.13 should have already completed at 75.56. Stronger medium term rally could be seen back towards 101.65 key support turned resistance level. We'll see how USD/JPY responds at around 100 to judge the underlying medium term momentum for stronger up trend. Meanwhile, break of 90.85 support is needed to be the first sign of medium term topping. Otherwise, we'll stay bullish.