USD/JPY Daily Outlook

USD/JPY Daily Outlook

Daily Pivots: (S1) 90.35; (P) 90.68; (R1) 91.04; More..

Intraday bias in USD/JPY remains neutral for the moment as consolidation from 91.25 temporary top continues. But near term outlook stays bullish as long as 88.05 support holds and recent rally is still expected to continue. Above 91.25 will target 94.98 key medium term level next.

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 back towards 101.22 key support turned resistance level. In any case, we'll now stay bullish as long as 84.17 resistance turned support holds.