USD/JPY Daily Outlook

USD/JPY Daily Outlook

Daily Pivots: (S1) 92.45; (P) 93.08; (R1) 93.48; More..

Consolidation from 94.45 is still in progress and intraday bias remains neutral. With 92.16 minor support intact, further rally is still expected to 94.98 resistance. Sustained break there will set the stage for a take on key psychological level at 100. However, break of 92.16 will indicate that USD/JPY has finally topped in short term and should bring deeper pull back to 90.24 resistance turned support and below.

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.