USD/JPY Daily Outlook

USD/JPY Daily Outlook

Daily Pivots: (S1) 97.83; (P) 98.16; (R1) 98.44; More...

The sharp fall in USD/JPY today indicates that decline from 99.00 has resumed and intraday bias is back on the downside for 96.56 support first. On the upside, above 98.48 will turn bias back to the upside for 99.00. Overall, the pair is still bounded in consolidation from 103.73 and more range trading could be seen.

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.