USD/JPY Daily Outlook
Daily Pivots: (S1) 96.73; (P) 97.69; (R1) 98.32; More..
USD/JPY formed a temporary top at 98.65 and retreated sharply and intraday bias is turned neutral first. On the upside, above 98.65 will affirm the case that pull back from 101.53 has completed at 95.80. In such case, strong rally would be seen to 99.94 resistance for confirmation. Break will target 101.53 and above. However, below 95.80 will extend the fall from 101.53 towards 93.78 instead.
In the bigger picture, USD/JPY made a top at 103.73 and turned into consolidations. Some more sideway trading would be seen below 103.73. In case of another fall, downside will likely be contained by 92.56 support and bring rebound. Rise from 103.73 is expected to resume after the consolidation.