USD/JPY Daily Outlook

USD/JPY Daily Outlook

Daily Pivots: (S1) 92.50; (P) 93.16; (R1) 94.11; More..

USD/JPY's consolidation fro 94.45 is still in progress and intraday bias remains neutral. On the upside, break of 94.45 will confirm resumption of recent rally from 77.13 and should target 94.98 medium term level first. Sustained break there will pave the way to the important psychological level at 100. In any case, consolidation fro 94.45 should be relatively brief as long as 92.16 minor support holds and up trend should resume soon. Though, below 92.16 will indicate near term reversal and would bring deeper pull back to 90.24 support and below to extend the correction.

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.